Question

Required information [The following information applies to the questions displayed below.) Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following independent circumstances: (Leave no answer blank. Enter zero if applicable.) a. Clem is self-employed and this year he incurred $415 in expenses for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $4,650 to provide coverage for herself and Clem (not through an exchange) Deductible amount for AGI mount for AGID

Answer 1

Since Clem is a carpenter, tools and supplies worth $ 415 will qualify for deduction from AGI. Moreover, The health premium paid $ 4650 also qualifies for deduction from AGI. Hence Deductible amount = $ 415 + $ 4650 = $ 5065.