Moe Has a Law Practice and Earns $322,000 Which He

question 127

Essay

Moe has a law practice and earns $322,000 which he reports on his Schedule C.His wife, Mindy, works part-time at Wal-Mart and earns $8,300.Mindy does not receive any medical benefits through Wal-Mart.Their 29-year-old daughter, Michelle, who is not a dependent, is working toward earning her Master's degree.Moe and Mindy pay the following amounts: $$\begin{array} { l r } \text { Health insurance for Moe and Mindy } & \$ 8,100 \\\text { Dental insurance for Moe and Mindy } & 600 \\\text { Vision care insurance for Moe and Mindy } & 425 \\\text { Health insurance for their daughter } & 3,620 \\\text { Long-term care insurance for Moe who is } 54 \text { years old } & 1,680\end{array}$$ How much may Moe and Mindy claim on their tax return as a self-employed health insurance deduction?

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Definitions:

Direct-Entry Midwives

Midwives who enter the profession directly without first becoming nurses, providing pregnancy and childbirth care.

Limited

Restricted in size, amount, or extent; having boundaries or constraints.

Hierarchical Structure

An organizational framework where members are ranked according to levels of importance or authority, often found in institutions and corporations.