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Medical question?

Tax question about itemizing and deductions medical and union dues?

  • first of all my sad AGI is only 19,000.00. I am wondering a few things since this is my first time attempting itemizing. If I do a standard deduction I will owe 400.00. I already understand everything else about itemizing except for the medical area and union dues. so first things first. 1.) medical- I have an FSA through my company for my insurance. Does this mean I am screwed completely or can I deduct anything from this? I understand that it is pre-tax but didn't know if there were any loopholes I could go through to possibly deduct *by loopholes I mean legally* ?? Secondly on the medical .075% of my AGI is 1500.00 and the medical expenses I paid out of pocket were only 900 So I understand that I can not do anything from that side. basically I know it seems like I am answering my own Questions here but I just want to make sure that I am not missing anything here. Seems that from browsing the search engines I am getting mixed answers that are misleading. 2.) Union dues. can someone give me an example of what I will be able to deduct if my dues are 468. with my AGI of 19,000.00 and what the actual 2% rule I'm reading about on this specific type of deduction is. I know this all seems noobish but I am a first time homeowner and trying to break even and not pay if possible. Every other area of itemizing is clear other than the 2 I listed so any help would be appreciated. thanks in advance.

  • Answer:

    The FSA funds are ALREADY not taxed, you can't deduct them. 2% rule is the same as the 7.5% rule. $380 is not deductible, the other $88 is.

Brandon P at Yahoo! Answers Visit the source

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You have nothing to itemize based on the info presented here. You are below the 7.5% for medical and if that and the dues are all you have, no interest on a mortgage, real tax etc, you can not itemize. Added to clarify if you had other deductions to make on a Schedule A then these 2 MIGHT be deductible but as of right now you do not have enough expenses to itemize.

When you are looking at your schedule A for the section for the miscellaneous deduction amount for the where you would enter the Union due amount You can deduct only the part of these expenses that exceeds 2% of the amount on Form 1040, line 38 your adjusted gross income amount for this purpose. Union dues and expenses. And I really do believe that you already knew that they would come out the same way just that the limited amounts of the AGI percentage would be different percentages for this purpose. Hope that you fine the above enclosed information useful. 01/18/2012

Forget the medical, that's already paid with non-taxed funds. For the union dues - 2% of your AGI is $380, so subtract that from your dues, you can deduct the other $88.

Everything out of pocket for medical can be deducted and your union dues can all be deducted. I pay union dues and have my taxes done professionally and I'm able to deduct everything I pay for union dues.

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