Miki, who is single and 57 years old, has a quaifying high-deductible insurance plan. She had the following transactions with her HSA during the year:
a.How much may Miki claim as a deduction for adjusted gross income?
b.What is the amount that Miki must report on her federal income tax return as income from her HSA?
c.How much is subject to a penalty? What is the penalty percentage?
Definitions:
Liability Insurance
A type of insurance that provides protection against claims resulting from injuries and damage to people or property.
Losses
Financial or material reductions resulting from business activities or other endeavors.
Negligence
Failure to take reasonable care to avoid causing injury or loss to another person.
Insurer
An entity that provides insurance policies to individuals or organizations, offering financial protection against losses from specified risks.
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