Dr's Bill and Taxes

[JustJudy]

Absolutley! As long as you itemize you can write off anything over 10% of you AGI.
www.irs.gov/uac/Claiming-a-Tax-Deduction-for-Medical-and-Dental-Expenses

[rooskie]

Yes. Keep everything! I have a list in my planner of our charges YTD for 2016. I think it has to be 7.5% of your AGI.

Also use your FSA or HSA. We will probably max ours out ($2k) with testing and appointments.

[butlerfan]

If you itemize you can take anything over 10% of your AGI in medical bills. Also if you have FSA or HSA use that as well.

[ironbaby]

Thanks for asking, ugaqueencity! I have started a list of our charges too. Hoping we see at least some benefit from these expenses!

[wildflower810]

Apr 6, 2016 8:31:30 GMT -5 butlerfan said:

If you itemize you can take anything over 10% of your AGI in medical bills. Also if you have FSA or HSA use that as well.

And anything that comes from a FSA or HSA does not count toward anything you claim. Because FSA and HSA money is tax free to start with, you can't double dip as it were. 

[butlerfan]

Apr 6, 2016 10:18:27 GMT -5 wildflower810 said:

Apr 6, 2016 8:31:30 GMT -5 butlerfan said:

If you itemize you can take anything over 10% of your AGI in medical bills. Also if you have FSA or HSA use that as well.

And anything that comes from a FSA or HSA does not count toward anything you claim. Because FSA and HSA money is tax free to start with, you can't double dip as it were. 

Correct. I should have said use that first if you have it. Anything left can be used towards the medical deduction on Schedule A. I hadn't had caffeine yet!

[laurensc927]

Lurking from 3T, I'm in NJ and for state taxes you can claim anything over 2% of AGI, we haven't hit the federal 10% yet but we always hit the state %. I claim things like Acupuncture as well which isn't covered by my insurance. We also track medical mileage as our RE is not close and some days H and I both drive up separately as we go in different directions for work afterwards.

[emilie]

Agree, starting from the beginning of the year track everything, including miles traveled for medical procedures, insurance reimbursements and claims, prescriptions that you've had filled and how much you paid, and any FSA/HSA activity. It's only April - you don't know what the rest of the year could bring, so it's good to be prepared. And if you do it as you go you won't be stuck with a pile of paperwork to sift through in a year.

[thechickencoop]

Ooooh I didn't know milage could be counted. Interesting.

[JustJudy]

Another trick I've got is to put ALL your doctor/dentist stuff on one credit card. It makes it so easy to make sure you're remembering everything at the end of the year.

[butlerfan]

Apr 6, 2016 21:14:53 GMT -5 thechickencoop said:

Ooooh I didn't know milage could be counted. Interesting.

Yup. It is at a different amount than the standard.business rate. Also mileage for charity can be counted for charitable contributions

[butlerfan]

Apr 6, 2016 21:42:44 GMT -5 butlerfan said:

Apr 6, 2016 21:14:53 GMT -5 thechickencoop said:

Ooooh I didn't know milage could be counted. Interesting.

Yup. It is at a different amount than the standard.business rate. Also mileage for charity can be counted for charitable contributions

19 cents for medical. 14 for charitable contributions. And yes I quoted my self