Are braces tax deductable?

Question

Im paying about $7000 total for my braces. Is there anyway I can deduct this on my taxes. This will be the first time I'm filing taxes too. I worked honnararium during the summer so I think I might owe some money. By the way, if it makes any difference, I live in New York City. Does anyone have any advice?

In response to Mathew's answer: are you saying i dont have to file taxes if i make less than $8000?

Answer 1

As a tax professional, I strongly suggest that you go see one in your area. Most reputable ones will sit down and talk with you about all of your changes without a charge. I know H&R Block will. That being said, you can deduct the dental expenses if you are able to itemize your deductions, which is sounds like you will. How much of your medical expenses will be deductible is then based on your income. It can be quite confusing if you're not accustomed to dealing with it - and having never filed before, I have to assume you're not.
I'm attaching the IRS publication 502 web address- if you click "dental treatment" you'll see where it is deductible. If you want real tax help, either take a tax class (really - it's helpful) or make your way to IRS publication 17. Or contact me and I'll do the best I can.
Also, in response to Matthew's answer, yes, it is possible that you could not be required to file. However, I again strongly caution you to check that out, since it is possible to get back MORE than you had withheld with the Earned Income Credit, and it's possible to qualify without having kids. So don't miss out on what you're due!

Answer 2

Are Braces Tax Deductible

Answer 3

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RE:
Are braces tax deductable?
Im paying about $7000 total for my braces. Is there anyway I can deduct this on my taxes. This will be the first time I'm filing taxes too. I worked honnararium during the summer so I think I might owe some money. By the way, if it makes any difference, I live in New York City. Does anyone...

Answer 4

Braces are tax deductible as a medical expense. However, you must be able to itemize your deductions. For medical expenses to be deductible, they must exceed 7.5% of your Adjusted Gross Income. Other common itemized deductions include mortgage interest, property taxes, state income taxes, and charitable contributions.

Assuming that you are single with no dependents, your itemized deductions must be greater than $5,000.

Also, if your total income is less than $8,300, you will owe no taxes because that is the total standard deduction plus one personal exemption. If you had any taxes withheld from your paycheck, you will want to file to get that money refunded to you.

Answer 5

Medical expenses are deductible if you itemize your deduction. However your total medical expenses must exceed 7.5% of your AGI before they count. If you are single your standard deduction would be $5,000 and very likely greater than you itemized deductions after you reduce the medical by that 7.5%. If you made less than $8,450 you need not file unless you had withholding that you want to get back.

Answer 6

If your employer has a plan where you can put away tax free dollars in a medical account, that is the best way - you can put up to $5,000 away, no tax (federal, state, fica, medicare) is paid on it - the only catch is if you don't use it, you lose it.

If you can't do this, you can deduct them on Schedule A of your 1040 taxes, to the extent that they are > 7.5% of your adjusted gross income. You have to file long form for this (sorry).

Answer 7

I'm self-employed and you'd be surprised what you can write off. Talk to your tax consultant, probably not the whole $7K is deductible; but perhaps a portion.

Again, only if you're self-employed.