Income tax is comming soon I was wondering...?

Question

Hello I was wondering last year I had a lot of dental work done.. I had 2 ins but still had to pay some stuff out of pocket can I file some on my income tax ... is that possible and will I get some money back ... and how do they do that ... thankyou

Answer 1

You have to have more itemized deductions than the standard deduction. If you are single, the amount to the standard is $5000, $10,000 if married. Deductions include medical bills (including transportation expense), medical insurance premiums, property taxes, mortage interest, sales taxes, and donations. You file them on Schedule A. For medical bills there is a 7.5% of gross that is not allowed. A bummer.

Answer 2

Medical expenses are partially deductible if you itemize. You can only deduct the medical expenses that you paid out of pocket that were more than 7.5% of your income.

You get a standard deduction automatically - for someone filing as single, it's $5150 this year, $10,300 for a married couple filing jointly. Unless your total itemized deductions are more than this amount, then you would pay less taxes by just taking the standard deduction instead of itemizing.

So while yes, medical expenses can be deductible, it's not likely to apply to you unless you have a lot of other deductible expenses, such as mortgage interest, and property taxes, and charitable contributions. Even if you pay state income tax, it probably doesn't add up to enough to be larger than the standard deduction.

Answer 3

You can claim medical expenses if they are more than 7.5% of your gross income.

You would also include any money paid for prescriptions, glasses or doctors too.

We almost never have more expenses than the 7.5% they allow for. The little man gets screwed again.

Answer 4

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Answer 5

Did that add to ur buisness in any way if so then it would be considered a tax deduction