IRS & deducting Medical expenses
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December 9th, 2009, 06:50 AM
Join Date: Sep 2008
Location: right of center
Hereís the scoop on deducting medical expenses on your tax return (I am an accountant, but please understand that Iím only providing general information. You should consult your tax advisor for information regarding your personal tax situation).
You can deduct medical and dental expenses that you pay during the year, including fees paid for medications (Rx only except for insulin), contact lenses, glasses, chiropractors, phsychiatrists, acupuncture, and mileage for driving to all your appointments (24 cents per mile or actual costs of gas, oil, tolls, and parking).
The limitations work like this...letís say you make $100,000 per year. You cannot deduct the first 7.5%, or $7,500 of medical expenses. If you pay $20,000 during the year for infertility treatments, you can only deduct $12,500.
Your medical expenses go on Schedule A of your tax return; you must itemize your deductions in order to deduct your medical expenses. The total for this schedule, which also includes mortgage interest, property taxes, sales taxes, and charitable giving, must be greater than your standard deduction ($11,700 for 2009 if you are married and file jointly) in order for you to itemize.
Does that make any sense? If you have any questions, ask away or PM me. Iíll try to help in any way I can!
- Mama of IVF babies Claire (3), George (1), and Abigail
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