[livealittle]

so one of my sims in my mock exam is deductions for a taxpayer age 65. He has medical expenses and you are to calculate his total deductible amount. it has a blank for phase out percentage and I chose 7.5% as my book clearly stated “10 % of AGI (7.5 % for taxpayers 65 and older)”. And it’s marked incorrect and that I should have used 10%.

so, which is it? The book further says “through the 2016 tax year”, but the question only says, “for the current year, Person is a 65 year old attorney…”

which should I use tomorrow on my exam if I get a question like this?

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16