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Are medical costs tax-deductable?
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CouponKT
Our family is complete
Member since 6/06 16494 total posts
Name:
K
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Are medical costs tax-deductable?
Can I claim payments for prescriptions, co-pays, etc?
Is there a minimum amount you have to pay out of pocket?
(I don't have the option for flex-spending).
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Posted 2/16/11 9:43 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Are medical costs tax-deductable?
Yep. They have to be at least 7.5% of your AGI.
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| Posted 2/16/11 9:45 AM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Are medical costs tax-deductable?
Posted by JenMarie
Yep. They have to be at least 7.5% of your AGI.
Anything OVER 7.5% of your AGI can be claimed on your Schedule A -- but only if you itemize your deductions.
In other words if your AGI is $100,000 -- then the first $7,500 you spent in medical costs for the year CAN NOT be claimed. (As they are part of the 7.5%)
Anything OVER $7,500 can be claimed. So if you spent $5000 for the year for medical, you have not reached the limit. But if you spent 10,000 in expenses, only $2,500 can be claimed on the Schedule A.
Message edited 2/16/2011 9:49:00 AM.
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| Posted 2/16/11 9:47 AM |
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CouponKT
Our family is complete
Member since 6/06 16494 total posts
Name:
K
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Re: Are medical costs tax-deductable?
Posted by MrsPJB2007
Posted by JenMarie
Yep. They have to be at least 7.5% of your AGI.
Anything OVER 7.5% of your AGI can be claimed on your Schedule A -- but only if you itemize your deductions.
In other words if your AGI is $100,000 -- then the first $7,500 you spent in medical costs for the year CAN NOT be claimed. (As they are part of the 7.5%)
Anything OVER $7,500 can be claimed. So if you spent $5000 for the year for medical, you have not reached the limit. But if you spent 10,000 in expenses, only $2,500 can be claimed on the Schedule A.
thank you!!!! That is the info I needed 
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| Posted 2/16/11 9:49 AM |
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