Miki,who Is Single and 57 Years Old,has a Quaifying High-Deductible

question 50

Essay

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?

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Definitions:

Civil War

A military conflict within a country, fought between factions or regions seeking control or advocating for specific political or social changes.

Lincoln

Abraham Lincoln, the 16th President of the United States, led the country during the American Civil War and is known for abolishing slavery through the Emancipation Proclamation.

Civil War

A conflict between opposing groups within the same country or state, often characterized by intense violence and lasting socioeconomic and political upheaval.

Values

The beliefs and principles that guide an individual's or society's behaviors, decisions, and understanding of what is important in life.