What amount of the refund should Mary include

Assignment Help Accounting Basics
Reference no: EM132546013

Question - In 2019 Mary received a $700 refund of previously paid medical expenses that she deducted on her 2018 tax return. Mary claimed $12,500 in total itemized deductions including $4,500 in deductible medical expenses for the 2018 tax year. What amount of the refund, if any, should Mary include in her 2019 gross income?

Reference no: EM132546013

Questions Cloud

Should the physician allow mike to continue making decisions : Should the physician allow Mike to continue making decisions that seem to him to be irrational and harmful to James, or would that mean a disrespect.
What is the future value of investment cash flows at end : Determine what is the future value of his investment cash flows at the end of three years?If he can earn 7.5 percent on any investment that he makes.
Prepare the cash flows from operating activities section : Prepare the cash flows from operating activities section of Sandhill's 2017 statement of cash flows using the direct method
What interest rate would the investment have to yield : Stanley Roper has $2,500, What interest rate would the investment have to yield in order for Stanley's brother to deliver on his promise?
What amount of the refund should Mary include : In 2019 Mary received a $700 refund of previously paid medical expenses that she deducted on her 2018 tax return. What amount of the refund should Mary include
Calculate if any impairment must be recorded for building : Calculate if any impairment must be recorded for the building in Ontario or the CGU in British Columbia. If impairment is present, determine the amount.
How much is the accumulated depreciation : Computer equipment - total cost is P340,000, with estimated useful life of 5 years and salvage value of P25,000. How much is the accumulated depreciation
Generate the cash flows : A project your firm is considering requires an investment today of $1,800 and is forecasted to generate the following cash flows
What are the forecasted total cash payments : They usually pay 50% of inventory purchases in the month of purchase, 35% in the following month, What are the forecasted total cash payments

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd