What amount may valentino exclude from his gross income, Taxation

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What amount may valentino exclude from his gross income

Problem: Valentino is a patient in a nursing home for 58 days of 2022. While in the nursing home, he incurs total costs of $27,144. Medicare pays $16,286 of the costs. Valentino receives $29,858 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $390. Of the $29,858, what amount may Valentino exclude from his gross income?

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