Problem: Wally and Gloria incur and pay medical expenses in excess of insurance reimbursements during the year as follows:
For Wally $11,000
For Gloria (spouse) $4,000
For Chuck (son) $15,000
For Carter (Gloria's father) $13,000
Wally and Gloria's AGI is $200,000. They file a joint return. Chuck and Carter are Wally and Gloria's dependents.
a. What is Wally and Gloria's medical expense deduction for regular income tax purposes?
b. What is Wally and Gloria's medical expense deduction for AMT purpose?
c. What is the amount of AMT adjustment for medical expenses?