What amount could be claimed on Wells current-year income

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Problem - In the current year, Wells paid the following expenses:

Premiums on an insurance policy against loss of earnings due to sickness or accident $3,000

Physical therapy after spinal surgery 2,000

Premium on an insurance policy that covers reimbursement for the cost of prescription drugs 500

In the current year, Wells recovered $1,500 of the $2,000 that she paid for physical therapy through insurance reimbursement from a group medical policy paid for by her employer. Disregarding the adjusted gross income percentage threshold, what amount could be claimed on Wells's current-year income tax return for medical expenses?

a. $4,000

b. $3,500

c. $1,000

d. $500

Reference no: EM132658281

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