Marilyn, Age 38, Is Employed as an Architect

question 48

Essay

Marilyn, age 38, is employed as an architect. For calendar year 2017, she had AGI of $204,000 and paid the following medical expenses:
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Peter and Esther would qualify as Marilyn's dependents except that they file a joint return. Marilyn's medical insurance policy does not cover them. Marilyn filed a claim for reimbursement of $6,000 of her own expenses with her insurance company in December 2017 and received the reimbursement in January 2018. What is Marilyn's maximum allowable medical expense deduction for 2017?

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Definitions:

Quality

The standard of something as measured against other things of a similar kind; the degree of excellence of something.

Wear Out

The process by which goods and materials deteriorate in quality and functionality over time due to use.

Expected Utility Function

A concept in economics that calculates the anticipated utility or satisfaction a consumer can derive from various options, considering the probabilities of different outcomes.

Sure Payment

A guaranteed financial transaction where the payer is certain to provide the agreed-upon sum to the payee.