Question
The Smith family will be filing their tax return jointly. They have the following itemized deductions. How much are they lacking to reach the level of the standard deduction, which is 11,400 dollars?Mortgage interest: 5600 dollarsMedical and dental expenses: 1650 dollarsTaxes paid: 1538 dollarsCharitable donations: 450 dollars
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This includes the mortgage interest, medical and dental expenses, taxes paid, and charitable donations. \[5600 (Mortgage Interest) + 1650 (Medical and Dental Expenses) + 1538 (Taxes Paid) + 450 (Charitable Donations) = 9238\] Show more…
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For a person to take more than the standard deduction on taxes, his or her itemized deductions must exceed the standard deduction. Because the Colemans' filing status is married filing jointly, their standard deduction is 11,400 dollars in 2010 . If the Colemans already have the following itemized deductions, how much are they lacking to reach the level of the standard deduction? Medical and dental expenses: 2420 dollars Taxes paid: 2447 dollars Charitable donations: 1200 dollars
Equations
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Chiara had $\$ 5,700$ in medical expenses last year. Her medical insurance covered 80$\%$ of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 7.5$\%$ of a taxpayer's adjusted gross income. If Chiara's adjusted gross income is $\$ 35,432,$ how much can she claim as a medical deduction? Explain
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