Create a 1-2 page letter to the Powell’s explaining the deductibility of their medical expenses by providing them a spreadsheet in Excel to calculate Deniseâ€™s medical expense deduction. Use the formula for calculating a taxpayerâ€™s medical expense deduction presented in your textbook in learning object 5.6 as a guide. Use the AGI you calculated for the couple in week 2 in your calculation. Make sure to properly label each medical expense and provide an explanation for any medical expenses that are nondeductible in the letter. Embed your spreadsheet into the letter.
During the current year Denise has paid the following medical expenses:
Drugs (prescribed by a physician
Marijuana (prescribed by a physician)
Health Insurance Premiums â€“ After Taxes
Denise received $750 for a portion of her doctorâ€™s fees from her insurance.
AGI from W2: 89,030,.00
This is how the excel sheet should be:
This is an example of the letter:
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