Posted: 12/19/2008 6:09:15 PM EDT
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Do you have to have a specific amount in order to be able to write off for tax purposes?
Thanks |
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Quoted:
Check with a Tax person. Assuming you're doing LONG FORM. IIRC, you add up all of your un-reimbursed medical expenses and IF it reaches a certain level (in comparison to your AGI) then, it's OK to write off. HTH. Aloha, Mark I'll ask my accoutant about this but thought I would throw this in. We pay a premium of 1%/per year of our base pay for medical, which works out to about $620 a year plus we have $30 copay for office visits (for me, wife and 2 kids works out to about another 2-3hundred). Is this kind of stuff able to be writen off? What about presciption co-pays (about another 200 a year for my family). Just curious, always nice to get some extra scratch back in april. J- |
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Quoted:
Do you have to have a specific amount in order to be able to write off for tax purposes? Thanks It would fall under the itemized deductions for medical expenses (medical/dental visit cost, co-pay, prescription medication). What one can deduct differs. Fill out the itemized deductions form. It all depends. You may find yourself just using the standardized deduction because it takes more off your taxable income. |
| It has to exceed some %-age of your Adjusted Gross Income. The %-age is fixed, but the $ will differ based on what you make (including spouse income, investment income, capital gains and interest paid to you). If you use a computer program to fill out your tax return, you just plug in the numbers during the "interview" and it calculates which way (itemized or standard deduction) will work best for you. |