What amount may valentino exclude from his gross income, Taxation

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What amount may valentino exclude from his gross income

Problem

Valentino is a patient in a nursing home for 56 days of 2021. While in the nursing home, he incurs total costs of $26,880. Medicare pays $16,128 of the costs. Valentino receives $29,568 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $400.

Of the $29,568, what amount may Valentino exclude from his gross income?

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