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What is the amount that could be deducted

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Q1. What is the amount that could be deducted as a medical expense (ignoring the AGI floor) if Hulu drives to the John Hopkins Medical Center from Lancaster City for treatment for Parkinson's disease each month in 2021? Hulu also pays $200 out of pocket to the hospital for each trip along with copay on prescriptions of $65 each time. The rest is paid by insurance. Tolls and parking are $35 each trip besides the mileage.

Q2. For 2021, Penny received a form 1098-E from her federal student loan that showed that she paid $4,400 in interest on a qualified student loan. Her W-2 from her employer shows 79,750 in box 1 and $6,200 in box 2. If these are the only items of income and expense for 2021, what will be Peggy's 1040 show when she files her return using the single filing status? Describe the tax equation.

Q3. Humphrey was very busy in 2022 and forgot to file his taxes or file an extension by April 15, 2022. When he got around to filing his tax return on June 28th, he found that he owed $1,727 in income tax. How much will Humphrey owe in penalties in addition to the $1,727 for his failure to file and pay on time?

Reference no: EM133154023

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