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Originally Posted by compguy Kind of different, but a genral health related question that some of you might be familiar with. When is it ok to deduct medical expenses, and how much of them, on my taxes? I’m very confused about this. I’d be very grateful if someone could point me in the right direction. I’d like to file soon and hopefully get a refund. I can’t afford an accountant.
thanks
Richard |
It's a percentage of your adjusted gross income. If you have a lot of medical expenses, be sure to keep all of your receipts and invest $20 in quicken software.
you can deduct anything that's not covered by insurance. Co-pays, prescription costs, even travel costs (mileage, hotels, gas, garage). You will need to keep all your receipts and note on them what doctor,e tc, so that you're not guessing at the end of the year. I have a pocket folder with a green ledger sheet clipped to the front. Every time I have an expense, I put the receipt in the folder and note what it was for.
Does your company offer a flex-spending plan? This really pays to participate in, just don't over estimated. It's pre-tax dollars, so you can't deduct them from your taxes, but it may be a better option for you. With flex-spending, you can get reimbursements for a wider selection of things. For instance, you can get reimbursed for certain over-the-counter meds/supplies, but can't necessarily deduct these from your taxes.
[url]http://www.irs.ustreas.gov/pub/irs-pdf/p502.pdf[/url]
Full pdf of the irs publication. Good luck!
Michelle
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