Tax time - deducting medical expenses
Just a reminder as you do your taxes that if you or your family have had a lot of medical expenses this year (including glasses or contact lenses), if those expenses are more than 7.5 percent of your adjusted gross income, it may be worthwhile to itemize and claim those deductions, especially if you've had an expensive hospital stay, or had to remodel areas of your home to accomodate a wheelchair, or buy or rent medical equipment not covered by insurance. Part or all of those expenses may be deductible. You can't deduct for expenses that were reimbursed by insurance, but things like medical care, insurance premiums for medical or dental insurance, prescription costs, home health care or nursing care, medical aids like glasses or contact lenses, transportation costs to obtain medical care (at .10 per mile), and even some medical home improvement expenses can add up to enough to claim the deduction. You can claim expenses paid for a dependent as long as the person was your dependent either at the time the medical services were provided or at the time you paid the expense.
For those of you who may be supporting or assisting elderly parents or adult disabled children - even if you can't claim a standard dependency exemption, you may still be able to deduct medical expenses (like in home or nursing home care) paid for that person if the person lived with you for the entire year as a member of your household OR is related to you; AND you provided more than half of that person's total support for that year.
There is a lot more than I could get into in a short post, and it's not my area of expertise, but just wanted to make sure that everyone thought about this, since a lot of people don't itemize, and may not realize they have a possible deduction.
Thank you for the reminders and the tips Marycain...right on time and much needed information - as usual :lol:
Peace and Blessings
I guess I should have saved recipts and stuff. I shred everything. I didnt know I can claim prescriptions. Can I do it without receipts? Is there more info on this?
Adria, if you call the pharmacy where you got the prescriptions filled, they will generally be able to print out a total for the entire year for you. You can't deduct for the amounts paid by insurance, just the out-of-pocket expenses you paid yourself. you can go to the IRS website or talk to whoever prepares your taxes about how to deduct your medical expenses.