medical expenses and taxes...

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patientspiders
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Date Joined Jul 2005
Total Posts : 733
   Posted 2/14/2009 6:11 PM (GMT -7)   
As I try to prepare for the dreaded tax season, I am bombarded once again by people suggesting that there is some way to itemize my medical expenses and thus save money on my taxes. I have found the following link from the IRS website that is helpful, just in case anyone else has been stewing over this possibility.

http://www.irs.gov/publications/p502/ar02.html

FYI - quoted from the article:
"You can deduct only the amount of your medical and dental expenses that is more than 7.5% of your adjusted gross income (Form 1040, line 38).ction. "

So, for simplicity's sake, lets say I made $10,000 last year. 7.5% of that would be $750, so if I spent MORE than $750 on out of pocket medical expenses I can claim the amount that I exceed that cap. Right?

If anyone has done this and has any tips, I sure would appreciate it. So many stacks of paper, and so few ounces of sanity left!
27f, dx'd CD July '05 after 6 fistula/abscess surgeries
Remicade '05 through '08, with no other maintenance meds
Noticing a real difference with a Gluten-Free diet.
Currently on:
Cimzia (loading doses 2-12-09)
Probiotics, Digestive Enzymes, and Prednisone


mtgman
Veteran Member


Date Joined Mar 2005
Total Posts : 1289
   Posted 2/14/2009 6:20 PM (GMT -7)   
hey there- that is correct- any amt spent on medical expenses, travel, hotels etc. greater than 7.5% of income is deductible. I use H&R Block Tax Cut...it's SO EASY and it walks you through everything...you don't need to know anything about taxes to use it...

Ides
Forum Moderator


Date Joined Nov 2003
Total Posts : 7077
   Posted 2/14/2009 6:57 PM (GMT -7)   
Don't forget to deduct the mileage to and from the doctors', labs, imaging centers etc. My mileage dollar amount was HUGE last year. Also, you can deduct insurance premiums for health and dental if you are not reimbursed for them. I had $2500 and change in expensese OVER the 7.5%. Lots of co-pays, insurance premiums and mileage plus the disintegrating teeth added up rather quickly.
Moderator Crohn's Disease Forum
CD, Ankylosing Spondylitis, lupus, small fiber peripheral neuropathy, avascular necrosis, peripheral artery disease, degenerative disc disease, and a host of other medical problems.
 


mtgman
Veteran Member


Date Joined Mar 2005
Total Posts : 1289
   Posted 2/14/2009 8:03 PM (GMT -7)   
just make sure you do not add in premiums you pay with pre-tax dollars through work payroll.

Writer
Regular Member


Date Joined Aug 2006
Total Posts : 443
   Posted 2/15/2009 12:52 PM (GMT -7)   
It's very important to be aware that you can only deduct medical expenses if you itemize
your deductions (on schedule A). If you only had say, $1000 or $2000 in medical expenses, and didn't have other large itemized deductions (for instance, several thousand dollars in charitable contributions), you will be far better off taking the standard deduction and not itemizing. I think the standard deduction for single people is around $5450, so if you are single and paid more than around $5000 in out-of-pocket medical expenses, then you are probably at the level that you should compare itemizing to the standard deduction and see which benefits you most.

randynoguts
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Date Joined Jan 2003
Total Posts : 6049
   Posted 2/16/2009 3:34 AM (GMT -7)   
all correct.. however, like writer said, you have to have enough to get over the standard deduction.. anyone who owns a house should be easily over that with mortgage interest, dont forget vehicle taxes, eyeglasses,contacts, dental work , meds, health insurance premiums not payed in pretax money, of course property taxes, etc.. and if in a state with no income tax, we get the sales tax one more time! woo hoo. so if you bought a big item last year, car, fridge, plasma tv, count it all ...
randynoguts 



     http://www.geocities.com/randynogutsweb/


patientspiders
Veteran Member


Date Joined Jul 2005
Total Posts : 733
   Posted 2/16/2009 5:57 PM (GMT -7)   
Thank you so much guys. You rock.
27f, dx'd CD July '05 after 6 fistula/abscess surgeries
Remicade '05 through '08, with no other maintenance meds
Noticing a real difference with a Gluten-Free diet.
Currently on:
Cimzia (loading doses 2-12-09)
Probiotics, Digestive Enzymes, and Prednisone


Kaycie
Regular Member


Date Joined Jan 2006
Total Posts : 449
   Posted 2/16/2009 6:45 PM (GMT -7)   
Yup, I do it just about every year.

Here's what counts..

Premiums
Prescriptions
Mileage
Deductables
Gas & Food Expense (I think food is only 50%?) when you are traveling out of town
And, even OTC meds you use.... imodium, etc. For my IVF, I was able to claim all the needs and bandaids, etc.

Your pharmacy should be able to send you a list of all your prescriptions and what you paid last year. I gotta get mine done.. I always dread the medical part because it's just endless for me!
Kaycie - Age: 26
Crohn's - Dx Nov 05
Failed Remicade, moving onto a Clinical Trial called ABT-874 - Tentative start date - 10/2/08 - 10/16/08  - Infusion, every 4 weeks.
IVF #1 (In-Vitro Fertilization) - Failed
IVF #2 - IVIg, Heparin, Baby Aspirin - TWIN GIRLS!!!
Reagan Dawn - 8/2/07 - Lived 1 hour 27 minutes due to Cloaca, NOT affiliated with my Crohn's
Addison Maria - 8/2/07 - 13 months old


mtgman
Veteran Member


Date Joined Mar 2005
Total Posts : 1289
   Posted 2/16/2009 7:05 PM (GMT -7)   
save receipts and use a program like taxcut from h&r block...IT'S SO EASY!

FitzyK23
Veteran Member


Date Joined May 2005
Total Posts : 4219
   Posted 2/16/2009 7:29 PM (GMT -7)   
Kaycie - the last I checked the IRS was not allowing deductions for over the counter medical expenses. If you have a health savings account you may use that for over the counter stuff but not for the deduction. I could be wrong however as I am not a professional in this realm at all! Let me know what you find out if you look into it.
27 Year old married female law student (last year!!). Diagnosed w/ CD 4 years ago, IBS for over 10 years before that, which was probably the CD. I am sort of lactose intollerant too but can handle anything cultured and do well w/ lactose pills and lactaid. For crohns I am currently on Pentasa 4 pills/4x day and hysociamine prn. I also have bad acid reflux and have been on PPI's since age 13. I have been through prilosec, prevacid, and nexium. Currently I am on Protonix in the morning and Zantac at night. I also take a birth control pill to allow some fun in my life.

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