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Posted: 4/29/2009 8:05:58 PM EDT
[#1]
If you have an HSA account and pay for them out of it, you are using untaxed money.
If you itemize your deductions then IMHO yes they are, but I'm not a CPA/ |
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Posted: 4/29/2009 8:07:05 PM EDT
[#2]
I believe medical expenses have to exceed certain thresholds to become deductible. You can google it as well as I can so I'll avoid saying more to save my butt for when the accountants log in.
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Posted: 4/29/2009 8:08:24 PM EDT
[#3]
I don't know what an HSA account is.
My insurance covers most of it, I have an $8 copay which adds up for a variety of medicines for each me, wife and daughter. I'd say I pay several hundred $$ a year out of pocket. |
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Posted: 4/29/2009 8:09:16 PM EDT
[#4]
as I recall it has to amount to more than 7% of your AGI to be deductible.
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Posted: 4/29/2009 8:10:33 PM EDT
[#5]
Quoted:
as I recall it has to amount to more than 7% of your AGI to be deductible. Just the prescriptions or all medical expenses added together including the RXs? |
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Posted: 4/29/2009 8:11:29 PM EDT
[#6]
All medicals excluding insurance premiums.
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Posted: 4/29/2009 8:12:38 PM EDT
[#7]
Quoted:
I don't know what an HSA account is. My insurance covers most of it, I have an $8 copay which adds up for a variety of medicines for each me, wife and daughter. I'd say I pay several hundred $$ a year out of pocket. HSA is a flex spending account AKA cafeteria plan. You use pre-tax dollars to pay for medical things. If you have one use it. There are lots of people at my work who need monthly prescriptions but still don't take the 3 minutes to fill out the form. |
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Posted: 4/29/2009 8:46:47 PM EDT
[#8]
Most big drugstores like Walgreens will give you a printout covering your year's prescriptions, what insurance paid, and what your out-of-pocket cost was. The total out-of-ocket cost is added to your other medical expenses, and if that total exceeds the required percentage of your gross income, the excess can be deducted.
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Posted: 4/29/2009 9:00:57 PM EDT
[#9]
Quoted: I don't know what an HSA account is. My insurance covers most of it, I have an $8 copay which adds up for a variety of medicines for each me, wife and daughter. I'd say I pay several hundred $$ a year out of pocket. An HSA account is an incredibly stupid thing that only the government would come up with. You take a certain amount of money out of your pay check for deposit in an HSA. This money comes out before taxes, so your taxable income is reduced. You can use the money for medical expenses. If you have money left over, you lose it. Why you can't just take it and have it taxed would require me to think like a fucking politician. At least those were the rules when I last heard them. In order to be able to itemize medical expense, they have to be pretty damn high. |
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Posted: 4/30/2009 6:03:55 AM EDT
[#10]
Quoted:
Most big drugstores like Walgreens will give you a printout covering your year's prescriptions, what insurance paid, and what your out-of-pocket cost was. The total out-of-ocket cost is added to your other medical expenses, and if that total exceeds the required percentage of your gross income, the excess can be deducted. Thank you, that's EXACTLY the answer that I needed. |
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Posted: 4/30/2009 6:05:01 AM EDT
[#11]
Quoted:
In order to be able to itemize medical expense, they have to be pretty damn high. "Subject to a 2% floor of the AGI" I believe. I think my family would meet that threshold. |
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