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Mary is single and received a $1250 reimborsement from her medical insurance company in 2016 for medical bills she incurred in 2016.

a) How much of the reimborsement is included to Mary in 2016?

b) How much of the reimbursement is includable to Mary in 2016 if the 2016 reimbursement was 2015 medical expenses, and Mary used a standard deduction in 2015L

c) How much of the reimbursement is included to Mary in 2016 if the 2016 reimbursement was for 2015. Her itemized deductions totaled $10000 which included deductible medical expenses (after the 10% AGI reduction) of $600

d) how much of the reimbursement is includable to Mary in 2016 if the 2016 reimbursement is for 2015 medical expenses, Mary had deductible medical expenses in 2015 of $3000, and total itemized deduction in 2015 of $6500?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92751525

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