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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Tax Write Offs
Can I write off my co pays and the money I sent to the dentist when it was not covered by insurance?
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Posted 2/14/10 8:22 PM  |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Tax Write Offs
yes, but for it to start "counting" you have to reach at least (i think) 7.5% of your AGI... in other words, if it was a year with a very large amount of medical bills, then it's worth it, otherwise, it won't make a difference.
i hope that made sense
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| Posted 2/14/10 8:24 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Tax Write Offs
yes- but I think it has to be a certain % of income.. not sure.
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| Posted 2/14/10 8:25 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Tax Write Offs
You have to itemize your deductions (Schedule A) to do so.
As well you are only allowed to claim whatever was spent that was 7.5% above your AGI.
If you spent say $3,000 on your medical expenses, but 7.5% of your AGI is $4,000, then you can't write anything off. (It would be the amount OVER $4,000 that you can claim.)
If 7.5% of your AGI was 2,500 -- then you could claim only $500 of the $3,000 you spent. (Since $500 is the portion over the $2,500.)
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| Posted 2/14/10 10:09 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Tax Write Offs
Kramer: They just write it off - simple!
Jerry: You don't even know what a write off is!
Kramer: Do you??
Jerry: No, I don't!
Couldn't resist! 
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| Posted 2/15/10 12:32 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Tax Write Offs
Posted by MrsPJB2007
You have to itemize your deductions (Schedule A) to do so.
As well you are only allowed to claim whatever was spent that was 7.5% above your AGI.
If you spent say $3,000 on your medical expenses, but 7.5% of your AGI is $4,000, then you can't write anything off. (It would be the amount OVER $4,000 that you can claim.)
If 7.5% of your AGI was 2,500 -- then you could claim only $500 of the $3,000 you spent. (Since $500 is the portion over the $2,500.)
this is what i meant to say 
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| Posted 2/15/10 3:49 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Tax Write Offs
yes, like PPs said whatever is over 7.5%, but you can include your health insurance monthly cost in that - it's still hard to get to 7.5%
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| Posted 2/15/10 3:50 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Tax Write Offs
Are you able to get a Flexible Spending Account? I started one this year. It's money set aside just for medical items, and it's set aside tax-free. You get a credit card to use at stores and offices, or you can submit claims against your account if you can't use cards.
For mine, there is no minimum amount you have to spend, but you do have to allocate the amount at the beginning of the year. I can set aside $50 if I want, or $5000. However, whatever I don't spend, I lose, so you need to be careful about how much to set aside.
Message edited 2/15/2010 4:23:08 PM.
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| Posted 2/15/10 4:21 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: Tax Write Offs
you can, but i think it only counts when they all total over a certain $$ amount or %age of your salary.
and i think you can only do that if you are itemizing your deductions and not taking the standard deduction.
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| Posted 2/15/10 7:12 PM |
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