deduct medical expenses

Quoted message said:

Subject: deduct medical expenses
From: Richard [email hidden]
Date: 3/16/2004 1:03 PM Pacific Standard Time
Message-id: <[email hidden]>

Quoted message said:

When is it ok to deduct medical expenses, and how much of
them, on my taxes? I'm very confused about this. I'd be
very grateful if someone could point me in the right
direction. I'd like to file soon and hopefully get a
refund. I can't afford an accountant.

I am not an accountant...however...last time I read the
numbers...

you could deduct expenses that EXCEEDED 7.5% of your gross
income (again don't quote me..but it is in that ballpark)..

thus..for instance..if your GROSS was $100,000....the FIRST
$7500 was NOT deductible...but beyond that was..

remember deductions are not credits..so it may not save
you much..

we have NEVER been able to deduct anything..due to a high
income..and average expenses..

however..now that we are retired (some income,,but nowhere
near working years)...AND because our health premiums alone
cost nearly $20,000 a year...not to mention
copays,,meds,,etc etc...this year we MAY get a bit of a
deduction..

personally I would rather NOT be paying outrageous health
insurance premiums,,,

good luck

hawki.....

[email hidden] (Hawki63) wrote in message news:<[email hidden]>...

Quoted message said:

Quoted message said:

Subject: deduct medical expenses From: Richard
[email hidden] Date: 3/16/2004 1:03 PM
Pacific Standard Time Message-id:
<[email hidden]>

Quoted message said:

When is it ok to deduct medical expenses, and how much of
them, on my taxes? I'm very confused about this. I'd be
very grateful if someone could point me in the right
direction. I'd like to file soon and hopefully get a
refund. I can't afford an accountant.

I am not an accountant...however...last time I read the
numbers...

you could deduct expenses that EXCEEDED 7.5% of your gross
income (again don't quote me..but it is in that
ballpark)..

thus..for instance..if your GROSS was $100,000....the
FIRST $7500 was NOT deductible...but beyond that was..

remember deductions are not credits..so it may not save
you much..

we have NEVER been able to deduct anything..due to a high
income..and average expenses..

however..now that we are retired (some income,,but nowhere
near working years)...AND because our health premiums
alone cost nearly $20,000 a year...not to mention
copays,,meds,,etc etc...this year we MAY get a bit of a
deduction..

personally I would rather NOT be paying outrageous health
insurance premiums,,,

good luck

hawki.....

Hawki's on the money about deducting some medical expenses
over 7.5% of one's gross income.

Careful attention to saving receipts for insurance co-pays
-- deducting health insurance premiums paid out of after-tax
income -- stop smoking programs -- weight control programs
(which may need a medical connection like lowering one's
high blood pressure or to help control diabetes) -- home
alterations made for medical/health reasons (ramps for
wheelchairs, widening doors for the occupant's access while
using a walker, etc.) -- items recommended by a health care
professional (for example, an air purifier) -- modifications
to one's car needed because of a disability -- some travel
expenses WRT medical treatment -- are all allowable
deductions in many situations.

While a deduction isn't getting what you actually spent
back, it's great to offset taxes on earnings. Well worth
looking into -- easy to get plenty of info on the internet,
at local libraries, & at (sometimes free) seminars offered
at local community centers.

In article <[email hidden]>,
hawki63 @aol.com says...

Quoted message said:

Quoted message said:

Subject: deduct medical expenses From: Richard
[email hidden] Date: 3/16/2004 1:03 PM
Pacific Standard Time Message-id:
<[email hidden]>

Quoted message said:

When is it ok to deduct medical expenses, and how much of
them, on my taxes? I'm very confused about this. I'd be
very grateful if someone could point me in the right
direction. I'd like to file soon and hopefully get a
refund. I can't afford an accountant.

I am not an accountant...however...last time I read the
numbers...

you could deduct expenses that EXCEEDED 7.5% of your gross
income (again don't quote me..but it is in that
ballpark)..

thus..for instance..if your GROSS was $100,000....the
FIRST $7500 was NOT deductible...but beyond that was..

remember deductions are not credits..so it may not save
you much..

we have NEVER been able to deduct anything..due to a high
income..and average expenses..

however..now that we are retired (some income,,but nowhere
near working years)...AND because our health premiums
alone cost nearly $20,000 a year...not to mention
copays,,meds,,etc etc...this year we MAY get a bit of a
deduction..

personally I would rather NOT be paying outrageous health
insurance premiums,,,

good luck

hawki.....

This is correct. It's rare to be able to deduct health-
related expenses.

If you have complex tax situations but don't want to pay for
a pro's help, I recommend you do what I do. I compromised by
doing my taxes on TaxBrain, where there's lots of info on
various tax issues as well as a live chat with tax gurus.
Someone always answers my questions within minutes. There
are other sites like this out there as well, if you like to
shop around.

I also wish you good luck!

Don J

p.s. Word to the wise. Someone already posts here with the
name of Richard. You may want to add an initial or use
another handle. Sometimes people in groups get upset if
they think you're impersonating them.