Monday, November 16, 2009

Deducting Uncovered Dental Expenses on Taxes?

I am trying to figure out what can be considered a deduction for uncovered medical and dental expenses.





I have read Topic 502 - repeatedly lol and I am still a bit confused.





Okay - my husband and I both wear eye glasses - and do not have vision coverage. Can we deduct these costs?


We have two children in orthodontic care (see why I need more deductions lol). Can orthodontic care be deducted?


We had approximately $600 in uncovered dental expenses (above or beyond scope of insurance coverage). Are these deductible?





The "Topic 502" seems to say yes - but I am deathly afraid of making a tax mistake!





Help!

Deducting Uncovered Dental Expenses on Taxes?
The items you mentioned are allowable medical deductions as long as they were paid with after tax dollars. In addition you can deduct the after cost of medical, dental and other health insurance as well as .20 cents per mile for driving to and from the doctor. Also the cost of parking to visit a doctor is a deductible medical cost.
Reply:Yes, the items you mention qualify as medical expenses. But you can only deduct them if you itemize. Even then, you have to subtract 7.5% of your adjusted gross income from your total med and dental expenses, and can only deduct what's over that. So many people are not really able to deduct the expenses, and you definitely don't get to deduct all of them because of the 7.5% subtraction.
Reply:Just do it. If they ask you, refer them to Topic 502 and point out that it says "yes."
Reply:Here's the problem.





If you and your husband have an income of $30,000, the first $2250 of medical expenses are disregarded. Only expenses ABOVE the 7.5% will increase your itemized deductions and if you don't already itemize, you won't get a benefit.





70% of taxpayers to not itemize.


No comments:

Post a Comment

 
vc .net