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Deductions & credits
Thank you for your timely response. So, when I calculate AGI = gross income - itemized deductions, would I want to include or exclude medical expenses from the itemized deductions? I ask b/c it sounds like I need to know the AGI before I can figure out how much of the medical expenses will be deductible.
Ex: With this in mind, which one is correct:
A. Total gross income is $60,000 and deductions (includes everything but medical expenses) are $10,000, then AGI would be $50,000.
B. Total gross income is $60,000 and deductions (includes everything as well as total medical expenses) are $15,000, AGI would be $45,000.
Thank you!
March 26, 2024
9:48 PM