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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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please tell me my accountant is wrong
He just sent me this:
You get a medical deduction for all expenses that exceed 7.5% of your total income. Example. If your total income is $50,000, the first $3750 would not be deductible. Anything over that would be a deduction.
I thought it was all a decution as long as it was more than 7.5% of your income???
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Posted 3/1/07 7:47 AM  |
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Long Island Weddings
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: please tell me my accountant is wrong
Nope, he is correct
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| Posted 3/1/07 7:57 AM |
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Red
spring is in the air
Member since 11/05 2688 total posts
Name:
helen
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Re: please tell me my accountant is wrong
It has to be more than 7.5% - I'm sorry
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| Posted 3/1/07 9:17 AM |
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QuoteTheRaven424
22 Months?!!!!
Member since 5/05 13659 total posts
Name:
And If That Isn't A True Blue Miracle
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Re: please tell me my accountant is wrong
ugh - that doesn't bode well for me either
have to tell our guy to get "creative" 
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| Posted 3/1/07 9:28 AM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: please tell me my accountant is wrong
Unfortunately he's right. Sorry.
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| Posted 3/1/07 9:41 AM |
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halisa
adore
Member since 7/06 2168 total posts
Name:
lisa
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Re: please tell me my accountant is wrong
yeah, i just went and he said the same thing.
hope you get money back!!!!
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| Posted 3/1/07 9:52 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: please tell me my accountant is wrong
I have more than 7.5% so I will get something, but just not as much as I thought. Thanks
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| Posted 3/1/07 10:03 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: please tell me my accountant is wrong
Sorry Pauline that sucks
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| Posted 3/1/07 10:03 AM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: please tell me my accountant is wrong
It's true...and I'm sorry, I know how much it sux
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| Posted 3/1/07 10:49 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: please tell me my accountant is wrong
Wait..Im confused as to what your saying?
I thought you could deduct all medical expenses as long as they are at least MORE then 7.5% of your income.
Is that right?
Doesnt matter anyway, we owe regardless but its a difference in how much we owe.
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| Posted 3/1/07 10:52 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: please tell me my accountant is wrong
You can deduct anything OVER 7.5%
Yeah, it sucks...but fortunately (unfortunately?) I still have plenty to deduct
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| Posted 3/1/07 3:44 PM |
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Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
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Re: please tell me my accountant is wrong
Yeah he is right, but make sure you give him all expenses, glasses, copays, medical insurance paid out of your paycheck, and persriptions, and this is all expenses paid, even by credit card.
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| Posted 3/1/07 3:57 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: please tell me my accountant is wrong
Posted by dm24angel
Wait..Im confused as to what your saying?
I thought you could deduct all medical expenses as long as they are at least MORE then 7.5% of your income.
Is that right?
Doesnt matter anyway, we owe regardless but its a difference in how much we owe.
thats what I thought too. BUt the first 7.5% apparantly doesnt count, anything over that is a deduction.
And yes Lisa fortunately/unfortunately I have more than that too.
I have saved every receipt and been meticulous about it. Thanks to an awesome spreadsheet Kara gave me.
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| Posted 3/1/07 7:18 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: please tell me my accountant is wrong
I STILL dont understand! HELP ME!
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| Posted 3/1/07 7:54 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: please tell me my accountant is wrong
If your income is 100,000 and your medical expenses are 10K, then you can only use $2500 as a tax deduction. The first 7.5% ($7500) doesnt count for squat
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| Posted 3/1/07 7:56 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: please tell me my accountant is wrong
Posted by LisaW
You can deduct anything OVER 7.5%
Yeah, it sucks...but fortunately (unfortunately?) I still have plenty to deduct
yeah anything over 7.5%, but then that also means, to itemize you have to be over the standard deduction as well.
So Basically, the married standard deduction is $10,300. this year.
So you need THOUSANDS to get anythign back?
I had like $15K-$16K in med deductions and now it comes out to be LESS then the standard deduction!
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| Posted 3/1/07 8:00 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: please tell me my accountant is wrong
isnt it in addition to the standard deduction?
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| Posted 3/1/07 8:05 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: please tell me my accountant is wrong
Posted by rose825
isnt it in addition to the standard deduction?
Nope
Either or.
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| Posted 3/1/07 8:09 PM |
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