Roger Is Employed as an Actuary

question 69

Multiple Choice

Roger is employed as an actuary.For calendar year 2012, he had AGI of $130,000 and paid the following medical expenses: Derrick and Jane would qualify as Roger's dependents except that they file a joint return.Roger's medical insurance policy does not cover them.Roger filed a claim for $4,800 of his own expenses with his insurance company in November 2012 and received the reimbursement in January 2013.What is Roger's maximum allowable medical expense deduction for 2012?

• A)$9,750.
• B)$10,340.
• C)$19,130.
• D)$20,090.
• E)None of the above.

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Definitions:

8% Return

An investment objective or outcome where the investor aims to achieve an annual return of 8 percent on the invested principal.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.

Annual Payment

A payment made once a year, often related to loans, insurance policies, or subscription services.

Investment

The allocation of resources, usually capital, in the expectation of generating an income, profit, or capital appreciation.