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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Question for anyone who claims medical expenses on tax returns....
I am trying to see if I can claim medical expenses -- I've incurred a decent amount with my c-section last year....
My question is, can I also claim the portion of health insurance premiums that I paid? I paid about $3,000, and my employer paid the rest. Can I claim that $3,000?
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Posted 2/4/10 2:16 PM  |
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telmah
LIF Infant
Member since 1/10 239 total posts
Name:
Prince
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Re: Question for anyone who claims medical expenses on tax returns....
This was asked the other day.
Yes, you can claim any UNREIMBURSED medical expenses, including health insurance premiums, dental expenses, etc. But for Federal purposes, in order to get any benefit of the deduction, they must equal more than 7.5% of your AGI.
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| Posted 2/4/10 2:19 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Question for anyone who claims medical expenses on tax returns....
You can only claim on the Schedule A -- the amount that you spent that was 7.5% OVER your Adjusted Gross Income.
For Example: if your AGI is $50,000
And you spent $10,000 on UNREIMBURSED medical expenses.
7.5% of $50K = $3750
So that means that you can claim anything from $3751 and over of the amount you spent on medical.
$10,000 - 3750 = $6250
So you would be able to claim $6250 on Schedule A -- of medical expenses.
But again, this is ONLY if you itemize, if you do not itemize your deductions, then you are out of luck.
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| Posted 2/4/10 2:25 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by MrsPJB2007
You can only claim on the Schedule A -- the amount that you spent that was 7.5% OVER your Adjusted Gross Income.
For Example: if your AGI is $50,000
And you spent $10,000 on UNREIMBURSED medical expenses.
7.5% of $50K = $3750
So that means that you can claim anything from $3751 and over of the amount you spent on medical.
$10,000 - 3750 = $6250
So you would be able to claim $6250 on Schedule A -- of medical expenses.
But again, this is ONLY if you itemize, if you do not itemize your deductions, then you are out of luck.
Ahh, thanks for explaining this -- I read the IRS publication and STILL didn't get it! So, you kind of "lose" that first 7.5% -- you only claim OVER that amount, correct?
Great news on the premiums -- I think I can can actually claim medical this year, awesome! I'll definitely itemize......
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| Posted 2/4/10 2:27 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by leighdvm
Ahh, thanks for explaining this -- I read the IRS publication and STILL didn't get it! So, you kind of "lose" that first 7.5% -- you only claim OVER that amount, correct?
Great news on the premiums -- I think I can can actually claim medical this year, awesome! I'll definitely itemize......
Yup--you can only claim OVER the 7.5% of your AGI. I guess the government figures up to that amount is a "reasonable" amount for families who have to pay for anything involving medical or health care. I'm sure plenty of people would disagree! :loL:
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| Posted 2/4/10 2:33 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by MrsPJB2007
You can only claim on the Schedule A -- the amount that you spent that was 7.5% OVER your Adjusted Gross Income.
For Example: if your AGI is $50,000
And you spent $10,000 on UNREIMBURSED medical expenses.
7.5% of $50K = $3750
So that means that you can claim anything from $3751 and over of the amount you spent on medical.
$10,000 - 3750 = $6250
So you would be able to claim $6250 on Schedule A -- of medical expenses.
But again, this is ONLY if you itemize, if you do not itemize your deductions, then you are out of luck.
Does this include the premiums? (portion that I pay, not my employer?)
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| Posted 2/4/10 2:34 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: Question for anyone who claims medical expenses on tax returns....
You can only deduct premiums that are paid after tax, correct? or can you deduct the pre-tax premium withholdings too? (I am thinking no)
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| Posted 2/4/10 2:36 PM |
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telmah
LIF Infant
Member since 1/10 239 total posts
Name:
Prince
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by Christine
You can only deduct premiums that are paid after tax, correct? or can you deduct the pre-tax premium withholdings too? (I am thinking no)
Generally, anything that is pre-tax can not be claimed as a deduction, since you're already receiving the benefit of not having to pay tax on it.
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| Posted 2/4/10 2:41 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Question for anyone who claims medical expenses on tax returns....
Medical insurance premiums that are NOT pre-tax are allowable as part of your medical on Schedule A.
This publication explains EVERYTHING that is covered and not covered:
Medical & Dental Deductions
Message edited 2/4/2010 2:43:15 PM.
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| Posted 2/4/10 2:42 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by telmah
Posted by Christine
You can only deduct premiums that are paid after tax, correct? or can you deduct the pre-tax premium withholdings too? (I am thinking no)
Generally, anything that is pre-tax can not be claimed as a deduction, since you're already receiving the benefit of not having to pay tax on it.
I figured that - that's why I wanted to ask/put it out there.
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| Posted 2/4/10 2:45 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by Christine
Posted by telmah
Posted by Christine
You can only deduct premiums that are paid after tax, correct? or can you deduct the pre-tax premium withholdings too? (I am thinking no)
Generally, anything that is pre-tax can not be claimed as a deduction, since you're already receiving the benefit of not having to pay tax on it.
I figured that - that's why I wanted to ask/put it out there.
Oh no, are you serious? I read the publication and it says this:
"You can include in medical expenses insurance premiums you pay for policies that cover medical care. Medical care policies can provide payment for treatment that includes:
Hospitalization, surgical services, X-rays,
Prescription drugs and insulin,
Dental care,
Replacement of lost or damaged contact lenses, and
Long-term care (subject to additional limitations). See Qualified Long-Term Care Insurance Contracts under Long-Term Care, later.
Do not include in your medical and dental expenses any insurance premiums paid by an employer-sponsored health insurance plan unless the premiums are included in box 1 of your Form W-2, Wage and Tax Statement. Also, do not include any other medical and dental expenses paid by the plan unless the amount paid is included in box 1 of your Form W-2. "
What I paid for my health insurance, is PRE-TAX.....so I can't claim it at all? See, even reading the above, I'm confusing myself....yuck....
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| Posted 2/4/10 3:35 PM |
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telmah
LIF Infant
Member since 1/10 239 total posts
Name:
Prince
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by leighdvm
Do not include in your medical and dental expenses any insurance premiums paid by an employer-sponsored health insurance plan unless the premiums are included in box 1 of your Form W-2, Wage and Tax Statement. Also, do not include any other medical and dental expenses paid by the plan unless the amount paid is included in box 1 of your Form W-2. "
What I paid for my health insurance, is PRE-TAX.....so I can't claim it at all? See, even reading the above, I'm confusing myself....yuck....
W-2 Box 1 is your gross taxable wages. Box 1 will not include pre-tax deductions.
The reason you can't deduct pre-tax items is because you are already getting a benefit by not having to pay tax on those earnings in the first place.
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| Posted 2/4/10 3:45 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: Question for anyone who claims medical expenses on tax returns....
Thank you everyone, this helps alot. I really appreciate it!! 
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| Posted 2/4/10 3:46 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by telmah
Posted by leighdvm
Do not include in your medical and dental expenses any insurance premiums paid by an employer-sponsored health insurance plan unless the premiums are included in box 1 of your Form W-2, Wage and Tax Statement. Also, do not include any other medical and dental expenses paid by the plan unless the amount paid is included in box 1 of your Form W-2. "
What I paid for my health insurance, is PRE-TAX.....so I can't claim it at all? See, even reading the above, I'm confusing myself....yuck....
W-2 Box 1 is your gross taxable wages. Box 1 will not include pre-tax deductions.
The reason you can't deduct pre-tax items is because you are already getting a benefit by not having to pay tax on those earnings in the first place.
Yup---telmah explained it exactly.
Normally Box 1, 3, and 5 are the same on your W-2 for most people, unless you have pre-tax amounts withheld. Such as retirement plans and medical premiums
If you have health insurance premiums that show up in Box 14 of your W-2 - and Box 1 is different from Box 3 & 5 (these boxes will be more than Box 1), then your premiums are PRE tax. Therefore not able to be claimed.
But if you have premiums in Box 14 and Boxes 1, 3, and 5 are all the same, that means they were not pre-taxed and you should be able to claim them.
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| Posted 2/4/10 3:48 PM |
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telmah
LIF Infant
Member since 1/10 239 total posts
Name:
Prince
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by MrsPJB2007
Normally Box 1, 3, and 5 are the same on your W-2 for most people, unless you have pre-tax amounts withheld. Such as retirement plans and medical premiums
...and unless you're over the FICA limit, but I digress...
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| Posted 2/4/10 3:54 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by telmah
...and unless you're over the FICA limit, but I digress...
True -- but let's not confuse people any further! We could go on and on and on about all the different ways numbers could be different.
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| Posted 2/4/10 3:56 PM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: Question for anyone who claims medical expenses on tax returns....
Posted by telmah
Posted by Christine
You can only deduct premiums that are paid after tax, correct? or can you deduct the pre-tax premium withholdings too? (I am thinking no)
Generally, anything that is pre-tax can not be claimed as a deduction, since you're already receiving the benefit of not having to pay tax on it.
exactly, MOST health insurance premiums come out PRE tax and are therefore, NOT deductable as an itemized deduction
co-pays and prescriptions are deductable as an itelized deduction
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| Posted 2/4/10 3:59 PM |
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