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Deductions for medical expenses?

  • I'm having trouble trying to figure out if I can get deductions when doing our taxes for our medical bills for '09. They were medical bills I paid to my OBGYN for childbirth delivery and prenatal care, surgery I had to remove my gallbladder after I developed gallstones during my pregnancy, and pediatric care (check ups, immuninizations) for my son, and also I did pay to continue cobra coverage after the baby to continue getting care. I went to the IRS website and found the verbiage below. If I'm reading it correctly it sounds like I may only be able to use the expenses for the gallbladder surgery and maybe the $$ I paid to continue the Cobra insurance? But I'm not sure. Obviously the tax professional will know when I have them done but I wanted to get everything together that I will need. Anyone have any insight? THis is what I found on the website: Medical expenses include insurance premiums paid for medical care or qualified long-term care insurance. You may not deduct insurance premiums for life insurance, for policies providing for loss of wages because of illness or injury, or policies that pay you a guaranteed amount each week for a sickness. In addition, the deduction for a qualified long-term care insurance policy's premium is limited. Refer to Publication 502 , Medical and Dental Expenses. www.irs.gov

  • Answer:

    Take your adjusted gross income and multiply by 7.5%. Only expenses that exceed that number will do you any good. These will then go to schedule A's total--and if you can itemize, you can lower your tax bill. Very few people qualify.

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Medical expenses to the degree that they exceed 7.5% of your AGI can be deducted on a Schedule A if you are itemizing your deductions. If you are using standard deductions the medical means nothing. You should prepare a list of all of your medical related expenses including any insurance payments. That will be helpful in determining if they can be used.

Mathew

Have you READ IRS Publication 502? That's where the answers are.

rotflol

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