Tracking medical bills

M

marcijo

Guest
I think we will have enough medical deductions this year to write some off on our taxes. I have a spreadsheet going of everything we have paid out this year.

I can deduct premiums we have paid as well, right? And mileage to get to the doctor (my CF clinic is 65 miles away). Anything I am missing??

I am also deducting our 20% we have to pay and our copay's -basically everything we pay out of pocket for medical.

In the first 4 months of this year, we have paid $2724.00 out of our pocket (so THAT is where all of our money is going).....

If i get the hospital insurance plan as talked about in the other post, can I deduct that monthly premium as well?

What am I missing??
 
M

marcijo

Guest
I think we will have enough medical deductions this year to write some off on our taxes. I have a spreadsheet going of everything we have paid out this year.

I can deduct premiums we have paid as well, right? And mileage to get to the doctor (my CF clinic is 65 miles away). Anything I am missing??

I am also deducting our 20% we have to pay and our copay's -basically everything we pay out of pocket for medical.

In the first 4 months of this year, we have paid $2724.00 out of our pocket (so THAT is where all of our money is going).....

If i get the hospital insurance plan as talked about in the other post, can I deduct that monthly premium as well?

What am I missing??
 
M

marcijo

Guest
I think we will have enough medical deductions this year to write some off on our taxes. I have a spreadsheet going of everything we have paid out this year.
<br />
<br />I can deduct premiums we have paid as well, right? And mileage to get to the doctor (my CF clinic is 65 miles away). Anything I am missing??
<br />
<br />I am also deducting our 20% we have to pay and our copay's -basically everything we pay out of pocket for medical.
<br />
<br />In the first 4 months of this year, we have paid $2724.00 out of our pocket (so THAT is where all of our money is going).....
<br />
<br />If i get the hospital insurance plan as talked about in the other post, can I deduct that monthly premium as well?
<br />
<br />What am I missing??
 
T

TleighsHusband

Guest
Anything related to medical -- even non CF things can be deducted. Things such as contacts, glasses, even the contact solution can be deducted. Mileage definitely counts as well as prescription copays. One that is sometimes missed is even any food purchases for eating out like at a hospital can be deducted. If your CF clinic is that far away and you have to stop to eat -- that possibly may be deductible (I would check this out for sure). If you purchased any type of medical equipment like a nebulizer or blood pressure machine then that would count as well. If you are ever going to get exercise equipment, then get your doctor to prescribe it if he will and then I believe that you could deduct that as well. Your amount sound about on par for where we would be-- depending on hospital stays and what new prescription the dr. wanted we would usually land between 5-8k a year and usually in that 7k range. What kept us even that low was the assistance programs for some of the drugs like Pulmozyme and TOBI. I don't know for sure on the insurance plan -- You may ask Julie as she seemed to know quite a bit about those hospital plans. The one thing that we wished was counted but was not was over the counter vitamins and Bio K. Those things can get expensive but unless they are prescribed, they are not deductible. I believe the % that your pay out has to be is 7% of your adjusted gross income.
 
T

TleighsHusband

Guest
Anything related to medical -- even non CF things can be deducted. Things such as contacts, glasses, even the contact solution can be deducted. Mileage definitely counts as well as prescription copays. One that is sometimes missed is even any food purchases for eating out like at a hospital can be deducted. If your CF clinic is that far away and you have to stop to eat -- that possibly may be deductible (I would check this out for sure). If you purchased any type of medical equipment like a nebulizer or blood pressure machine then that would count as well. If you are ever going to get exercise equipment, then get your doctor to prescribe it if he will and then I believe that you could deduct that as well. Your amount sound about on par for where we would be-- depending on hospital stays and what new prescription the dr. wanted we would usually land between 5-8k a year and usually in that 7k range. What kept us even that low was the assistance programs for some of the drugs like Pulmozyme and TOBI. I don't know for sure on the insurance plan -- You may ask Julie as she seemed to know quite a bit about those hospital plans. The one thing that we wished was counted but was not was over the counter vitamins and Bio K. Those things can get expensive but unless they are prescribed, they are not deductible. I believe the % that your pay out has to be is 7% of your adjusted gross income.
 
T

TleighsHusband

Guest
Anything related to medical -- even non CF things can be deducted. Things such as contacts, glasses, even the contact solution can be deducted. Mileage definitely counts as well as prescription copays. One that is sometimes missed is even any food purchases for eating out like at a hospital can be deducted. If your CF clinic is that far away and you have to stop to eat -- that possibly may be deductible (I would check this out for sure). If you purchased any type of medical equipment like a nebulizer or blood pressure machine then that would count as well. If you are ever going to get exercise equipment, then get your doctor to prescribe it if he will and then I believe that you could deduct that as well. Your amount sound about on par for where we would be-- depending on hospital stays and what new prescription the dr. wanted we would usually land between 5-8k a year and usually in that 7k range. What kept us even that low was the assistance programs for some of the drugs like Pulmozyme and TOBI. I don't know for sure on the insurance plan -- You may ask Julie as she seemed to know quite a bit about those hospital plans. The one thing that we wished was counted but was not was over the counter vitamins and Bio K. Those things can get expensive but unless they are prescribed, they are not deductible. I believe the % that your pay out has to be is 7% of your adjusted gross income.
 
J

julie

New member
NO, you cannot deduct the hospital indemnity plans... at least not yet. I see that forthcoming though.

Your medical deductions have to be 7.5% of your AGI.

Have you calculated utility bills too? There is some tax deduction info on this forum that gives some formulas for that.
 
J

julie

New member
NO, you cannot deduct the hospital indemnity plans... at least not yet. I see that forthcoming though.

Your medical deductions have to be 7.5% of your AGI.

Have you calculated utility bills too? There is some tax deduction info on this forum that gives some formulas for that.
 
J

julie

New member
NO, you cannot deduct the hospital indemnity plans... at least not yet. I see that forthcoming though.
<br />
<br />Your medical deductions have to be 7.5% of your AGI.
<br />
<br />Have you calculated utility bills too? There is some tax deduction info on this forum that gives some formulas for that.
 
L

LouLou

New member
Med/Dental/Eye Insurance Premiums are deductible if they are paid after taxes. Ours are not because they are deducted pre-tax from dh's paychk. Go to the video section of this site and there are a couple taxes videos that Julie/Victoria & I prepared last year for the community.
 
L

LouLou

New member
Med/Dental/Eye Insurance Premiums are deductible if they are paid after taxes. Ours are not because they are deducted pre-tax from dh's paychk. Go to the video section of this site and there are a couple taxes videos that Julie/Victoria & I prepared last year for the community.
 
L

LouLou

New member
Med/Dental/Eye Insurance Premiums are deductible if they are paid after taxes. Ours are not because they are deducted pre-tax from dh's paychk. Go to the video section of this site and there are a couple taxes videos that Julie/Victoria & I prepared last year for the community.
 
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