Now this means you have a medical expense deduction of 2500 (6000 minus 3500). Similar to an individual’s income tax return, trusts are also permitted to take certain deductions to offset some of their income. Suppose if you have an IGA worth 50,0 of medical expenses, you’ll simply multiply 50,000 by 0.07 and find out that 3500 can be included as an itemized deduction. Overview of the Rules for Claiming a Dependent," in Publication 501, Dependents, Standard Deduction and Filing Information, for additional information about claiming a dependent and certain exceptions that may apply. Deduction Value For Medical Expenses: Here’s An Example. See "qualifying relative, "qualifying child," and "Table 5. If your parent is your foster parent, they must have lived with you all year in your main home and as a member of your household. Therefore, a fiduciary fee related to trust or estate administration is an allowable deduction in arriving at AGI, and is not subject to the 2 floor.Your parent isn't a qualifying child of another taxpayer. ![]() Too bad medical bills paid by the Trust are not deductible. Trust expenses were over 10,000 but not sure which one, if any, are deductible.
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