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I am taking some MCQ quizzes in Ninja CPA review for REG and I got a question wrong because I didn’t use 7.5% vs 10% to calculation the % of AGI for deduction. 10% is still testable UNTIL 10/1/2021, right?
The answer explanation said: “The medical expenses are deductible to the extent they exceed 7.5% of Carroll’s AGI (7.5% × $100,000).
Total deductible medical expenses of $20,000, less $7,500, equals $12,500.”
Is this just a bad question or am I completely and totally confused? Slightly panicked. 😉
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