Multiple Choice
In 2012, Boris pays a $3,800 premium for high-deductible medical insurance for himself and his family. In addition, he contributes $3,400 to a Health Savings Account. Which of the following statements is true?
A) If Boris is self-employed, he may deduct $7,200 as a deduction for AGI.
B) If Boris is self-employed, he may deduct $3,400 as a deduction for AGI and may include the $3,800 premium when calculating his itemized medical expense deduction.
C) If Boris is an employee, he may deduct $7,200 as a deduction for AGI.
D) If Boris is an employee, he may include $7,200 when calculating his itemized medical expense deduction.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q5: Grace's sole source of income is from
Q37: During the year, Eve (a resident of
Q45: Interest paid or accrued during the tax
Q95: George, a sculptor, has an elevator installed
Q96: In 2012 Michelle, single, paid $2,500 interest
Q97: Jeanne had an accident while hiking on
Q99: Sadie mailed a check for $2,200 to
Q101: Margaret, who is self-employed, paid $6,000 for
Q102: Joseph and Sandra, married taxpayers, took out
Q103: Paul, a calendar year married taxpayer, files