Medical Tax Deductions Question?

Question

I want to take advantage of medical tax deductions which I know should exceed 7.5%. Does anyone know, do I need every receipt for every visit or will a whole list of all the claims and my co-pays from the Insurance Company be enough? What can one do if the receipts are not all available?

NOWWHAT-Thank you for the response. I pretty much have costs like the copay's and some other lab fees which I thought may exceed the 7.5, but gotta say there aren't many receipts...which sucks. Thank you!

Answer 1

Anything you have that shows the date of service, date of payment and the amount reimbursed by the insurance company should suffice as proof. Your cancelled checks will work. A copy of yor account history with the various doctors will work. An estimate of the miles your drove to and from the doctors is ok and the amount you paid for parking for medical care is allowable.

Answer 2

Claiming medical deductions is one of those areas that the IRS actually looks at because when a person qualifies for medical deduction, the deduction is usually sizable.

Whenever you claim a deduction for any reason, it is always best to keep receipts. Without a receipt or some other indisputable proof, the IRS can always disallow your deduction.

All I can say is be careful. If you have legit medical expenses then by all means claim them. Just bear in mind that the IRS looks more closely at medical deductions than some other deductions. It is always best to keep receipts.

Answer 3

To take advantage of this deduction, you would have to pay quite a bit of money out of pocket before you even qualify for the deduction. For example, if your AGI is $50,000, then you would have to pay $3,750 before you can deduct $1 of medical expenses.

It is best to have receipts. However, if the actual payment is $75 or less, then a list of all of your co-pays should be fine. You will have to make a note of why you spent the money though.

Answer 4

Agree w/ prior reply, you wish to have an Rx and earlier than it is helping you your scientific deductions ought to exceed 7.five% (& you ought to itemize). ALSO, I don't think that you just can not deduct the entire price of the sizzling bath within the yr bought since it is going to be used for decades to return--the price regularly has to unfold it over the priceless lifetime of the sizzling bath (so you'll most effective take facet of the price every yr--type of like depreciation of a auto). But so far as an audit, I would not fear approximately that so long as you might have the Rx.

Answer 5

If you don't have receipts, do you have your cancelled checks for what you paid? Lists of claims and co-pays from the insurance company won't work, since they're not proof that you actually paid them.