Incorrect answer option – Wiley

  • This topic has 3 replies, 4 voices, and was last updated 2 weeks ago by jeff.
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  • #2816295
    poornimavjk
    Participant

    This is an excerpt from an Answer Explanation in Wiley:

    “These expenses (Medical), which total $3,150, are deductible to the extent they exceed 10% of adjusted gross income, and result in a deduction of $150 ($3,150-$3,000).

    Why is 10% applied instead of 7.5%? Does anyone know?

    Thanks.

    #2816385
    FutureCPA2019
    Participant

    Law keeps changing about the medical expenses. Currently, you can deduct medical expenses that exceed 10% of AGI if you’re itemizing. So, Wiley is correct. Perhaps, the 7.5% is from a book of an older version?

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    #2816412
    ezakipockyezakipocky
    Participant

    7.5% for 2017 & 2018. 10% for 2019

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    AUD 82->89
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    #2821338
    jeff
    Keymaster

    If you are using a 2019 Wiley book that didn't get updated for July 2019, then it would have 7.5%.

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