SIGNUP - FREE Membership and 1 FREE Sewing Lesson
| FAQ | Login
 

Forum > Miscellaneous > Taxes ( Moderated by Deepika, EleanorSews, CynthiaSue)

Please LOGIN or Join PatternReview
Go to Page:
Taxes
medical bills
Julia C
star
Julia C  Friend of PR
Advanced Beginner
NV USA
Member since 7/1/07
Posts: 1123
Send Message

      



Date: 3/18/12 6:03 PM

What is the percentage of medical bills to income that is deductable? Isn't it 10-20%? While I have had a lot for me, it was not a high percentage.

Kristen
star
Kristen
Advanced
Member since 4/27/02
Posts: 465
Send Message

      



Date: 3/18/12 6:47 PM

I know that it used to be 7, not sure if it has increased........

talesofawannabe
star
talesofawannabe
Advanced Beginner
VA USA
Member since 6/25/10
Posts: 298
Send Message

      



Date: 3/18/12 7:09 PM

You can deduct expenses that exceed 7.5% of your adjusted gross income. Here is the IRS link.

http://www.irs.gov/taxtopics/tc502.html

------
http://talesofawannabeseamstress.blogspot.com/

Julia C
star
Julia C  Friend of PR
Advanced Beginner
NV USA
Member since 7/1/07
Posts: 1123
Send Message

      



Date: 3/18/12 8:56 PM

Thank you both. I did not think I had enough to worry about getting that together in addition to everything else. I doubt I have 3%.

katlew03
starstarstar
katlew03  Friend of PR
Advanced
FL USA
Member since 1/4/08
Posts: 3928
Send Message

      



Date: 3/19/12 0:11 AM

I really had a lot a few years ago but was quite disappointed to find that you cannot claim insurance premiums that are taken out before you receive your paycheck. The itemized allowance amount has been increased to around $13,000 so my accountant says it is very hard to get enough to itemize unless you have a very large mortage payment and/or lots of deductions. He said most people have to have around $6000 or more in medical deductions to be able to claim any of them. Most people, at least in our area, do not qualify for anything but the standard deduction.

------
Sewn in 2012: 176.212 yds.
2013 Goal: 400 yds (again)
Total sewn in 2013 -- 225.848 yds.
Total yards in inventory 1/1/14 -- 1752.5
Goal for 2014 -- 400 yards (for the third time)

Machines: Designer Diamond, #1+, H Class 100Q, and Viking 400 Serger: 936

TessKwiltz
star
TessKwiltz  Friend of PR
Intermediate
TX USA
Member since 9/21/07
Posts: 1578
Send Message

      



In reply to katlew03 <<


Date: 3/19/12 10:33 AM

Quote: katlew03
I really had a lot a few years ago but was quite disappointed to find that you cannot claim insurance premiums that are taken out before you receive your paycheck.

Insurance premiums are usually taken out pre-tax, meaning they are not included in your W2 line 1 wages.

------
Tess

On threadpainting flowers: "How many colors are in a flower? ... How many do you have?" - Ellen Anne Eddy

purplebouquet
star
purplebouquet
Advanced
AR USA
Member since 11/16/05
Posts: 1204
Send Message

      



Date: 3/19/12 1:22 PM

Check with your employer if he offers a Flexible Spending Account, and if yes, when the next open enrollment period is. Probably toward the end of the year or anytime you have a "qualifying event (divorce, wedding, change of job, and similar) . Consider enrolling if you have that option. This is a much better way of saving on your out-of-pocket expenses than trying to take a deduction on your income tax. Your HR department will give you all the information you need assuming that benefit is offered.

Claudia

Go to Page:
Please LOGIN or Join PatternReview

printable version Printable Version

* Advertising and soliciting is strictly prohibited on PatternReview.com. If you find a post which is not in agreement with our Terms and Conditions, please click on the Report Post button to report it. Miscellaneous >> Taxes

 
adv. search»
pattern | machine | member
        
Put it on the Bias
Put it on the Bias

Register

Clone Your Favorite Garment
Clone Your Favorite Garment

Register

Vogue Patterns 8397

photo
by: Sharon1952

Review
BRUSH FRINGE JACKET, a CD book by Kenneth King

BRUSH FRINGE JACKET, a CD book by Kenneth King

Buy Now
Sewn Square One Go Anywhere Dress Pattern

Sewn Square One Go Anywhere Dress Pattern

Buy Now

Conditions of Use | Posting Guidelines | Privacy Policy | Shipping Rates | Returns & Refunds | Contact Us | About | New To PR | Advertising

Copyright © 2014 PatternReview.com® , OSATech, Inc. All rights reserved.