Question about taxes and medical co-pay?

Question

So I did my taxes and I ended up owing, which completely unfuriates me. They take this money out of my check every pay period, and then tell me at the end of the year it isn't enough. This crap should be illegal.
But I digress. My uncle told me that I can claim my doctor's visits co-pays somehow. I know I can call the IRS hotline, but I'm gonna start with you guys...see if anybody has experience.
Anyway, is that true? Can I use my co-pays as a write off? If so, will it help me get a refund instead of owing, and are there certain rules that apply, and how do I go about doing it?
Thanks y'all!

Answer 1

If you are single and filed a 1040A or used your wages and deducted a "standard deduction" of $5000 and 1 personal exemption for yourself, then looked in a tax book under the income you have left and found your tax is more than was withheld on your W-2 then;
Another option is to itemized your deductions instead of using the standard deduction. For medical you need to add up any medical premiums you pay or that was deducted from your pay or taken out of your checks. Next all the copays or money that you had to pay after the insurance paid there part, or what you have to pay before your insurance is filed. Next add all the prescription drugs you paid for. If your insurance paid some, you can add what you did pay out of your pocket. If you went to many doctors you might want to figure out how many miles you drove to and from doctors, hospitals and pharmacies. Those miles can be multiplied by 14 cents a mile and that number can be added to everything else. Also parking tabs that you may have paid when you went to a doctor. After you add all of your doctor (and dentist) expenses, go back to page 1 on your 1040 or 1040A and find your total income figure. Take 7 1/2 % of that figure and subract that from the figure you have arrived at for medical expense. The number you get is what your medical deduction would be.
Now you will need more itemize deductions for it to be worthwhile. The IRS is giving you $5000 to not itemize, so your itemizing has to be over that $5000 to benefit you. Next write down the amount of sales tax you spent, you can find that figure in your tax book under your income, unless you have keep all your receipts for the year. Are you paying a home? If so you will need your mortgage statement because your interest and real estate taxes are deductable.
Contributions are deductible, either cash for church or contributions to a non profit organization and non cash donations, such as clothes to the Salvation Army.
Unless you have A LOT OF MEDICAL or YOU ARE BUYING A HOME it is very difficult to beat the standard deduction of $5000.

However, I do think I can help you get back or owe $30 less, make sure you file the telephone credit this year. For a single person it's a $30 credit, 2 people $40 , 3 people $50 and it tops out at $60 for 4 people on the tax return. Good luck. You might check with you local library and see if anyone in your community is helping people with taxes for free.

Answer 2

There are medical deductions however they have to amount to a certain percentage of your income. If you already have a flex spend account with tax free dollars the meds and co pays cannot be deducted because the money used was already exempt from tax. Check the IRS website for the rules on medical deductions.

Answer 3

You can take any out of pocket medical expenses if you have enough to Itemize your deductions (on a Schedule A form). You only itemize if you have enough items on that form to get above the standard deduction for your filing status. The kinds of things that go on a Schedule A are: out of pocket medical and dental expenses (must be 7.5% of your income) home mortgage interest, property taxes, sales tax, excise tax paid on vehicles, contributions to church or charity, job expenses. Check the IRS website to see what the standard deduction is for your filing status. www.irs.gov

Answer 4

Yes that's true, sort of.

You can only claim the part of medical costs that exceed 7.5% of your income. It would be unlikely that copays would total that much.

And you can only claim medical expenses if you itemize. To do this, your itemized expenses would have to equal more than your standard deduction. If you itemize, you use 1040 Schedule A. That would have a place for you to enter your total medical expenses, then subtract 7.5% of your income; and also a place to enter other itemized deductions that you have.

Answer 5

not co pays (at least last time i looked) you want to actually get a refund? then change your w-4 to ZERO deductions. but for more on this look here

http://www.irs.gov/taxtopics/tc502.html

Answer 6

Yes you can but your total deductions will have to be more than the "standard deduction".