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Discussion in 'The Okie Corral' started by akapennypincher, Jan 17, 2010.
What is deductible, and what percentage??????
Bro, I know you're a penny pincher but don't take tax advice from people on a gun forum even if they are the head Tax consultant for the 2nd biggest corporation in the world.
Your CPA will give you the best information. I take medical deductions for the wife but I don't know the percentages. I leave that up to my CPA.
Please consult someone who does this for a living.
You can deduct your medical expenses if a) you qualify to itemize deductions in the first place, ie: your itemized deductions are greater than your standard deduction and b) your medical expenses are greater than 7.5% of your adjusted taxable income.
I'm not a tax professional, but was able to deduct my medical expenses last year. Check with your tax professional.
"Topic 502 - Medical and Dental Expenses"
The directions are fairly short. The 7.5% requirement seems to eliminate most people. My elderly parents otoh have huge expenses.
I am a tax professional.
What HexHead said. You may only deduct the amount of expenses that exceed 7.5 percent of your adjusted gross income (the bottom line amount on the first page of the Form 1040.
Medical expenses include such items as:
-Health insurance premiums paid with after tax dollars
-Out of pocket co-pays not reimbursed by insurance or paid from an HSA/MSA
-Prescription drugs (not OTC)
-Dental and vision care
-Medical devices prescribed by doc
-Dentures, glasses, contacts
-Long term care insurance (amounts limited by age)
These are some of the normally allowed expenses. There are more. If you have a specific expense you want to know about, PM me.
What is the standard deduction for Married Couple no KIDS??
We got some people on this forum who know many things, and i will have my simple taxes done again at AARP.