Comments on: Ask the taxgirl: Contacts, Glasses and Other Medical Expenses http://www.taxgirl.com/ask-the-taxgirl-contacts-glasses-and-other-medical-expenses/ Paying taxes is painful... but reading about them shouldn't be. Sat, 21 Nov 2009 20:16:58 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Ali http://www.taxgirl.com/ask-the-taxgirl-contacts-glasses-and-other-medical-expenses/comment-page-1/#comment-9323 Ali Fri, 06 Mar 2009 15:42:55 +0000 http://www.taxgirl.com/?p=2794#comment-9323 It always "depends," doesn't it? :) Thanks for the info -- sounds like I can deduct both, I just need to start saving all my medical receipts now! It always “depends,” doesn’t it? :) Thanks for the info — sounds like I can deduct both, I just need to start saving all my medical receipts now!

]]> By: Vinny http://www.taxgirl.com/ask-the-taxgirl-contacts-glasses-and-other-medical-expenses/comment-page-1/#comment-9322 Vinny Fri, 06 Mar 2009 15:23:00 +0000 http://www.taxgirl.com/?p=2794#comment-9322 Ali, It depends. If your monthly health insurance premiums are taken out of your paycheck pre-tax, then you generally can't deduct those expenses. However, if you don't have employer-sponsored health care or your employer doesn't offer pre-tax payment of premiums, then you may claim those costs as a deduction on your tax return. If you are self-employed you don't even need to itemize to claim a deduction for your health insurance premiums. The same goes for medical expenses. If you have medical expenses that are reimbursed through a pre-tax arrangement (flexible spending account, medical savings account, etc.) then those expenses are not deductible on your tax return. Otherwise they may be claimed as itemized deductions. So, you may be able to claim both your medical insurance premiums and your medical expenses as itemized deductions depending on your situation. Also just a reminder that many things are qualified medical expenses besides doctor visits and prescriptions: dental work (except teeth whitening), crutches, seeing-eye dogs, hearing aids, orthodontics, chiropractic, etc. See IRS Publication 502 for an exhaustive list. Ali,

It depends. If your monthly health insurance premiums are taken out of your paycheck pre-tax, then you generally can’t deduct those expenses. However, if you don’t have employer-sponsored health care or your employer doesn’t offer pre-tax payment of premiums, then you may claim those costs as a deduction on your tax return. If you are self-employed you don’t even need to itemize to claim a deduction for your health insurance premiums.

The same goes for medical expenses. If you have medical expenses that are reimbursed through a pre-tax arrangement (flexible spending account, medical savings account, etc.) then those expenses are not deductible on your tax return. Otherwise they may be claimed as itemized deductions.

So, you may be able to claim both your medical insurance premiums and your medical expenses as itemized deductions depending on your situation.

Also just a reminder that many things are qualified medical expenses besides doctor visits and prescriptions: dental work (except teeth whitening), crutches, seeing-eye dogs, hearing aids, orthodontics, chiropractic, etc. See IRS Publication 502 for an exhaustive list.

]]> By: Kelly http://www.taxgirl.com/ask-the-taxgirl-contacts-glasses-and-other-medical-expenses/comment-page-1/#comment-9315 Kelly Fri, 06 Mar 2009 03:49:46 +0000 http://www.taxgirl.com/?p=2794#comment-9315 Yes, you can deduct all of your non-reimbursed expenses if you itemize. Yes, you can deduct all of your non-reimbursed expenses if you itemize.

]]> By: Mary Kay Foss http://www.taxgirl.com/ask-the-taxgirl-contacts-glasses-and-other-medical-expenses/comment-page-1/#comment-9314 Mary Kay Foss Fri, 06 Mar 2009 02:56:25 +0000 http://www.taxgirl.com/?p=2794#comment-9314 Another medical expense some people forget is the miles driven for doctor visits. Kelly listed the rate for those medical miles in a recent post. The 7.5% of adjusted gross income is a high limit so healthy people don't get the deductions. If someone has relatively high medical expenses at one point in the year, it's a good idea to schedule those things you've been putting off - dental work, new glasses or contacts, etc Another medical expense some people forget is the miles driven for doctor visits. Kelly listed the rate for those medical miles in a recent post.

The 7.5% of adjusted gross income is a high limit so healthy people don’t get the deductions. If someone has relatively high medical expenses at one point in the year, it’s a good idea to schedule those things you’ve been putting off – dental work, new glasses or contacts, etc

]]> By: Ali http://www.taxgirl.com/ask-the-taxgirl-contacts-glasses-and-other-medical-expenses/comment-page-1/#comment-9309 Ali Thu, 05 Mar 2009 23:57:03 +0000 http://www.taxgirl.com/?p=2794#comment-9309 I was under the impression that you can either deduct your monthly health insurance premium OR your medical expenses. Can you deduct both? I was under the impression that you can either deduct your monthly health insurance premium OR your medical expenses. Can you deduct both?

]]> By: Rick http://www.taxgirl.com/ask-the-taxgirl-contacts-glasses-and-other-medical-expenses/comment-page-1/#comment-9306 Rick Thu, 05 Mar 2009 20:49:55 +0000 http://www.taxgirl.com/?p=2794#comment-9306 Another way to save is to use your employers flexible spending plan (if they have one) this allows you to put money away for known medical expenses and you get the tax advantage of having the amount you put in the plan not be taxable, further you save because you do not pay SS and Medicare tax on those funds. even if you are in the 15% bracket you save 15% + 7.65% + the state tax rate. So you would save at least 22.65%. The caveat here however is if you put it in the plan it is a use it or lose it deal. That is why I say known expenses. Another way to save is to use your employers flexible spending plan (if they have one) this allows you to put money away for known medical expenses and you get the tax advantage of having the amount you put in the plan not be taxable, further you save because you do not pay SS and Medicare tax on those funds. even if you are in the 15% bracket you save 15% + 7.65% + the state tax rate. So you would save at least 22.65%. The caveat here however is if you put it in the plan it is a use it or lose it deal. That is why I say known expenses.

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