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filing for taxes and out of pocket (medical) payments
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bonitachyc
big sister status may 2012!!
Member since 5/08 3242 total posts
Name:
Lupe
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filing for taxes and out of pocket (medical) payments
do you find that it's worth it to include what you paid out of pocket for medical expenses (ie - what your insurance doesn't cover) on your tax returns? its my first year doing taxes where i can include this but i would have to ask my ped's office for a ledger print out since i didn't think to save the copies of payments i've made. i didn't make any extraordinary out of pocket payments, but i don't know if this is one of those things that any little bit makes a difference. any BTDT parents have advice? TIA!
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Posted 1/4/11 11:42 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: filing for taxes and out of pocket (medical) payments
From what I understand you are not allowed to file an itemized deduction for medical expenses unless it exceeds 7.5% of your gross income.
ETA: If you did exceed that, than it is probably a good sum of money and I would ask drs for a printout although I am not sure most keep records that would allow for a simple print out.
Message edited 1/4/2011 11:48:30 AM.
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| Posted 1/4/11 11:47 AM |
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BethanyLynn
Love these munchkins
Member since 10/09 6295 total posts
Name:
Bethany
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Re: filing for taxes and out of pocket (medical) payments
Posted by jellybean1420
From what I understand you are not allowed to file an itemized deduction for medical expenses unless it exceeds 7.5% of your gross income.
ETA: If you did exceed that, than it is probably a good sum of money and I would ask drs for a printout although I am not sure most keep records that would allow for a simple print out.
This is my understanding also.
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| Posted 1/4/11 11:49 AM |
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BeachMom
Love my 4 kiddos!
Member since 11/08 8346 total posts
Name:
Kristie
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Re: filing for taxes and out of pocket (medical) payments
it has to be more than 7.5 % of gross income so unless you paid alot of money out of pocket for insurance that was post tax, or co-pays or dentists or something, it may not pay.
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| Posted 1/4/11 12:16 PM |
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bonitachyc
big sister status may 2012!!
Member since 5/08 3242 total posts
Name:
Lupe
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Re: filing for taxes and out of pocket (medical) payments
Ahh, ok. Good to know, thanks for the replies ladies!! 
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| Posted 1/4/11 5:57 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: filing for taxes and out of pocket (medical) payments
Posted by jellybean1420
From what I understand you are not allowed to file an itemized deduction for medical expenses unless it exceeds 7.5% of your gross income.
ETA: If you did exceed that, than it is probably a good sum of money and I would ask drs for a printout although I am not sure most keep records that would allow for a simple print out.
yes... and this is why some people decide to do the tax deferred health account, where that money is taken out of your paycheck pretac, like the chid care reimbursement.
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| Posted 1/4/11 5:59 PM |
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