Is it worth saving my reciepts to use on itemized deductions?

Question

I have been saving my reciepts from my prescription drugs, and copayments, and other out of pocket medical expenses. I have spent a good amount of money on medical expenses. Will it be worth adding to my taxes? how much do you have to have for it to count?

Answer 1

Only the part of your medical expenses that exceeds 7.5% of your income can be deducted, and only if you itemize. If those, plus whatever other itemized deductions you might have, are bigger than the standard deduction for your age and marital status, then you'd be ahead to itemize.

If you think you might be anywhere close, then save everything and add it all up at the end of the year.

Answer 2

Well the standard deduction last year was $5000 for single or married filing separately, $7,300 for head of household, and $10,000 for married filing jointly or widow/widower. If your medical expenses exceed that, then you should itemize and include those expenses. (The standard deduction generally goess up a little each year, like a couple hundred dollars.)

Answer 3

assuming you are eligible to itemize, you have to exceed 7.5% of your adjusted gross income before you can deduct any medical expenses.
I always advise my clients to 'save every receipt' and keep a log of mileage to doctors - - that's deductible too!
Its a good habit and at some time it may benefit you - so keep the records - it can only help you in the long run.

Answer 4

The rule of thumb is that your medical expenses must exeed 3% of your income. So if you made 10.000. your medical expenses must be at least 300. for the year. do you itemize anyway?? Mortgageinterest and such??

You might want to call an accountant where you are - they can give you a "state specific" answer. (rules vary from state to state)

Answer 5

yes it is you get money back