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Important Info. about the Medical Deduction...

L

ladybug

New member
Hey, y'all! OK, so this will be snappy cause my eyes are boggling out of my head right now after spending 3 hours with TurboTax and reading very very carefully through every explanation of nearly EVERY item (we're itemizing for the first time this year, so its slow going for me...)


.... Anyhoo.... Just wanted to notify everyone who is planning on taking the medical deduction... The only portion of your medical expenses you can deduct is ABOVE AND BEYOND the 7.5% AGI. I'm not sure if everyone knew this or not, but I was under the impression that once you meet that 7.5% of your AGI going to medicals, you can take it all... That is WRONG. So, if I only go over by 7.6% of my AGI going to medical, I can ONLY claim a deduction for the 0.1%! Not as helpful as I thought the credit would be, but it is what it is. I re-read the question a few times just to make SURE I am relaying the correct info. to you and they even gave an example similar to the one I gave (only with more mathematics, which I am just too tired to compute right now).


So.... long story short, the 7.5% AGI or more has to go toward approved medical expenses and once you've met that criteria, everything ABOVE and BEYOND the 7.5% can be deducted.

Hope this helps clear things up for everyone.

Have a good night!
 
L

ladybug

New member
Hey, y'all! OK, so this will be snappy cause my eyes are boggling out of my head right now after spending 3 hours with TurboTax and reading very very carefully through every explanation of nearly EVERY item (we're itemizing for the first time this year, so its slow going for me...)


.... Anyhoo.... Just wanted to notify everyone who is planning on taking the medical deduction... The only portion of your medical expenses you can deduct is ABOVE AND BEYOND the 7.5% AGI. I'm not sure if everyone knew this or not, but I was under the impression that once you meet that 7.5% of your AGI going to medicals, you can take it all... That is WRONG. So, if I only go over by 7.6% of my AGI going to medical, I can ONLY claim a deduction for the 0.1%! Not as helpful as I thought the credit would be, but it is what it is. I re-read the question a few times just to make SURE I am relaying the correct info. to you and they even gave an example similar to the one I gave (only with more mathematics, which I am just too tired to compute right now).


So.... long story short, the 7.5% AGI or more has to go toward approved medical expenses and once you've met that criteria, everything ABOVE and BEYOND the 7.5% can be deducted.

Hope this helps clear things up for everyone.

Have a good night!
 
L

ladybug

New member
Hey, y'all! OK, so this will be snappy cause my eyes are boggling out of my head right now after spending 3 hours with TurboTax and reading very very carefully through every explanation of nearly EVERY item (we're itemizing for the first time this year, so its slow going for me...)


.... Anyhoo.... Just wanted to notify everyone who is planning on taking the medical deduction... The only portion of your medical expenses you can deduct is ABOVE AND BEYOND the 7.5% AGI. I'm not sure if everyone knew this or not, but I was under the impression that once you meet that 7.5% of your AGI going to medicals, you can take it all... That is WRONG. So, if I only go over by 7.6% of my AGI going to medical, I can ONLY claim a deduction for the 0.1%! Not as helpful as I thought the credit would be, but it is what it is. I re-read the question a few times just to make SURE I am relaying the correct info. to you and they even gave an example similar to the one I gave (only with more mathematics, which I am just too tired to compute right now).


So.... long story short, the 7.5% AGI or more has to go toward approved medical expenses and once you've met that criteria, everything ABOVE and BEYOND the 7.5% can be deducted.

Hope this helps clear things up for everyone.

Have a good night!
 
L

Landy

New member
Yup...that's correct, although it would seem logical that as long as you met the 7.5% that you should be able to write it all off, but not so.

Heck, you're going to be a tax pro after this year!!<img src="i/expressions/face-icon-small-smile.gif" border="0">
 
L

Landy

New member
Yup...that's correct, although it would seem logical that as long as you met the 7.5% that you should be able to write it all off, but not so.

Heck, you're going to be a tax pro after this year!!<img src="i/expressions/face-icon-small-smile.gif" border="0">
 
L

Landy

New member
Yup...that's correct, although it would seem logical that as long as you met the 7.5% that you should be able to write it all off, but not so.

Heck, you're going to be a tax pro after this year!!<img src="i/expressions/face-icon-small-smile.gif" border="0">
 
L

ladybug

New member
I know, Lynda... this whole medical deduction thing kinda seems like a big joke to me.... I think its funny that since I need certain things for my work, I can deduct these things no matter what percentage of my income, but when I need certain things for my medical condition that I have absolutely NO control over having in the first place, I have to meet criteria and spend such a high percentage of my income on medical things before I get a deduction. Doesn't seem fair to me. I personally think people should be able to write off ANY medical expense that is necessary to survive. But, that's JMO I guess. <img src="i/expressions/face-icon-small-smile.gif" border="0">

Have a GREAT day!!
 
L

ladybug

New member
I know, Lynda... this whole medical deduction thing kinda seems like a big joke to me.... I think its funny that since I need certain things for my work, I can deduct these things no matter what percentage of my income, but when I need certain things for my medical condition that I have absolutely NO control over having in the first place, I have to meet criteria and spend such a high percentage of my income on medical things before I get a deduction. Doesn't seem fair to me. I personally think people should be able to write off ANY medical expense that is necessary to survive. But, that's JMO I guess. <img src="i/expressions/face-icon-small-smile.gif" border="0">

Have a GREAT day!!
 
L

ladybug

New member
I know, Lynda... this whole medical deduction thing kinda seems like a big joke to me.... I think its funny that since I need certain things for my work, I can deduct these things no matter what percentage of my income, but when I need certain things for my medical condition that I have absolutely NO control over having in the first place, I have to meet criteria and spend such a high percentage of my income on medical things before I get a deduction. Doesn't seem fair to me. I personally think people should be able to write off ANY medical expense that is necessary to survive. But, that's JMO I guess. <img src="i/expressions/face-icon-small-smile.gif" border="0">

Have a GREAT day!!
 
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