John and Mary are married, ages 33 and 32, and together have AGI of $140,000 in 2014. They have four dependents and file a joint return. They pay $5,000 for a high deductible health insurance policy and contribute $2,600 to a qualified Health Savings Account. During the year, they paid the following amounts for medical care: $12,200 in doctor and dentist bills and hospital expenses, and $4,000 for prescribed medicine and drugs. In October 2014, they received an insurance reimbursement of $5,400 for the hospitalization. They expect to receive an additional reimbursement of $1,000 in January 2015. Determine the maximum deduction allowable for medical expenses in 2014. a. $1,800. b. $3,400. c. $9,200. d. $12,800. e. None of the above. 9. Ericka, who is single and age 30, provides you with the following information from her financial records for 2014. Regular income tax liability $ 57,315 AMT positive adjustments 51,000 AMT preferences 25,000 Taxable income 203,000 Calculate his AMT exemption for 2014. a. $10,000. b. $23,450. c. $17,000. d. $51,900. e. None of the above. 10. Myles has generated general business credits over the years that have not been utilized. The amounts generated and not utilized follow: 2010 $3,500 2011 6,500 2012 6,000 2013 7,500 In the current year, 2014, his business generates an additional $17,000 general business credit. In 2014, based on his tax liability before credits, he can utilize a general business credit of up to $25,000. After utilizing the carryforwards and the current year credits, how much of the general business credit generated in 2014 is available for future years? a. $15,500. b. $1,000. c. $14,000. d. $15,000.