Jenna (Age 50) Files Single and Reports AGI of $40,000 $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$ 90$

question 58

Essay

Jenna (age 50) files single and reports AGI of $40,000. This year she has incurred the following medical expenses: Dentist charges $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$ 90$
Physician's fees $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad2,800$
Cosmetic surgery $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad400$
Cost of eyeglasses $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad250$
Hospital charges $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad1,330$
Prescription drugs $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad240$
Over-the-counter drugs $\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad75$
Medical insurance premiums (not throug an exchange) $\quad\quad\quad1200$ Calculate the amount of medical expenses that will be included with Jenna's other itemized deductions.

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Definitions:

Prime Rate

The interest rate that commercial banks charge their most creditworthy customers, usually large corporations.

Repayment Schedule

A detailed plan of the amounts and timing of payments to be made on a loan.

Loan

An amount of money lent out that is to be returned with a specified interest.

T-Bill

Treasury Bill, a short-term government security issued at a discount from the face value and pays no interest before it matures.