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Message Board > Miscellaneous > Taxes ( Moderated by Deepika, EleanorSews, CynthiaSue)

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Taxes
medical bills
Julia C
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Julia C  Friend of PR
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NV USA
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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
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Kristen
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Date: 3/18/12 6:47 PM

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

talesofawannabe
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talesofawannabe
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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

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http://talesofawannabeseamstress.blogspot.com/

Julia C
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Julia C  Friend of PR
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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
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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.

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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
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TessKwiltz  Friend of PR
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TX USA
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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.

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Tess

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

purplebouquet
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purplebouquet
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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

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