Are Medical procedures that are paid for out of pocket tax deductible?

Question

We Live in Virginia and we don't have any health insurance, so we are paying for medical procedures our of pocket , if we save all the receipt will we get anything back

Answer 1

Those expenses are only a factor if you choose to itemize. If the "we" in your questions suggests that you are married and intend to file jointly your standard deduction for 2006 will be $10,300. The portion of medical expenses that exceed 7.5% of your AGI are deductible. That amount and your other deductions would need to be greater than $10,300 before you would make that choice. But you should still keep the documentation of those medical expenses. You would include in your medical expenses any mileage you drove to receive the care. The rate for 2006 is .18 cents a mile.

Answer 2

It depends on whether your medical expenses exceed 7 1/2 % of your adjusted gross income (wages, interest, dividends, etc). To the extent that your medical expenses exceed 7 1/2 % of your AGI, the excess can be deducted as an itemized deduction on Schedule A.

Answer 3

All of the above answers are correct. Also, you might want to find out if the state of Virginia gives credits for medical expenses.
Even though you might not have enough to itemize, part of the expenses will transfer to your state return. I know this because the state of New Mexico has it.

Answer 4

I'm not sure how Virginia handles it, but on your federal income tax, you can deduct your medical expenses if they are greater than 7% of your gross income.