Anyone itemize their medical expenses and have any sample spread sheets for deductions, not covered by health insurance..Looking to try to organize and work on this; especially since my daughter takes lots of OTC meds everyday we pay out of pocket. TIA I did search on this site and the threads are old. Want to make sure I'm up to date on this info.
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Medical tax deductions/spread sheets?
- Thread starter Rebjane
- Start date
believingjesus
Banned
I try to but the tax guy says we have to have medical expenses that exceed 12 percent of our income before we can write off $1. Ours never exceeds that. You can also turn in mileage to doctors appts. too. Even with that we don't have enough.
It used to be 7.5% but now it is 10% (unless you or your spouse is over 65 and then it is still 7.5% until end of 2016). But Beliveing is correct that to get the itemized deduction you need to be over the 10% (and be itemizing your deductions and not just taking the standard deduction). Here is the IRS publication on the topic.
http://www.irs.gov/taxtopics/tc502.html
My employer offers an HSA so most my co-pays come out of that bucket. But when that bucket is exhausted, I've used my budget spreadsheet to track my medical expenses. I just have a column for non-HSA medical expenses. I keep all medical receipts in a file as I'll need them if ever audited for the HSA or for the filed tax deductions. I really just wish the HSA had a bigger limit so that I didn't have to track them separately.
http://www.irs.gov/taxtopics/tc502.html
My employer offers an HSA so most my co-pays come out of that bucket. But when that bucket is exhausted, I've used my budget spreadsheet to track my medical expenses. I just have a column for non-HSA medical expenses. I keep all medical receipts in a file as I'll need them if ever audited for the HSA or for the filed tax deductions. I really just wish the HSA had a bigger limit so that I didn't have to track them separately.
Aboveallislove
Super Moderator
Hey Rebjane,
You probably know so sorry, I'm not trying to be insulting. But for most OTC if you get it scripted and filled through the pharmacy you can use your HSA for it so it comes out pre-tax. Not sure if that helps because you might have already maxed out the HSA with co-pays, but we have supplemental that covers co-pays so the HSA covers the Culturelle, Aquaadeks, Milk of Magnesia, Miralax with at least pre-tax dollars.
You probably know so sorry, I'm not trying to be insulting. But for most OTC if you get it scripted and filled through the pharmacy you can use your HSA for it so it comes out pre-tax. Not sure if that helps because you might have already maxed out the HSA with co-pays, but we have supplemental that covers co-pays so the HSA covers the Culturelle, Aquaadeks, Milk of Magnesia, Miralax with at least pre-tax dollars.
G
GoryLori
Guest
I drive 202 miles to CF clinic appointments and for admissions, so YES.I claim the mileage. This year, the compensation changed ever so slightly from last year and even then, it must be greater than a certain % of your income to even hope you'll get a rebate. We save all our medical/dental/lodging/transportation related CF bills and use them to offset any tax owed. This year, we received a refund again.
Thank you for the information. I am going to try to track receipts better, last year was a high expense year(had lots of issues) One hospitalization, among other things. We spent so much $ out of pocket.
Likely we will just do the flex spending. Don' t think, we'ld get up to the 12% range. Does anyone know of a good spread sheet for doing medical expenses. I was hoping to not reinvent the wheel..I could track, travel, copays, etc, electricity,even...It would be good to figure it out on paper so that We can better budget?
Likely we will just do the flex spending. Don' t think, we'ld get up to the 12% range. Does anyone know of a good spread sheet for doing medical expenses. I was hoping to not reinvent the wheel..I could track, travel, copays, etc, electricity,even...It would be good to figure it out on paper so that We can better budget?
Aboveallislove
Super Moderator
Office has a sample one but not nearly as nice as if someone did with all the variations CFers have mileage, etc. sorry can't help.
I googled around a little and this looked promising (and also very simple);
http://www.squawkfox.com/2010/11/01/medical-record-form/
http://www.squawkfox.com/2010/11/01/medical-record-form/