2007-02-04 16:33:17 · 7 answers · asked by riggie 1 in Business & Finance ➔ Taxes ➔ United States
anything above 7.5 percent of your adjusted gross income is o.k to deduct. remember that you can only deduct what you have paid, not what you owe.
2007-02-04 16:42:52 · answer #1 · answered by Jen 5 · 0⤊ 0⤋
With this info you would have 17800-(14500-1335(medical limitation of 7.5% of income)) which would equal 4635 in income before any other possible itemized deduction or your personal exemption if you are not claimed by anyone else.
Other itemized deductions are home interest paid, property taxes, state income or sales tax.
Each personal exemption is 3300 for 2006
2007-02-04 16:40:53 · answer #2 · answered by darrenwelsh429 2 · 0⤊ 0⤋
It's only too much if you didn't actually pay that much. While it might get the IRS' interest, you should claim any and all legal deductions that you have proof of. Guard your receipts as if they were cash!
2007-02-04 16:41:42 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
If you earned 17,800, then the IRS will be quite aware (as you are), that you didn't even take home anywhere near the 14,500 you claim to have spent on medical. Try it, but you won't like it!!
2007-02-04 16:41:52 · answer #4 · answered by wildraft1 6 · 2⤊ 0⤋
If you really had that much, then it's no problem. Be prepared to show receipts or some evidence that these amounts are real though.
2007-02-04 16:36:57 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
are you claiming Band-Aids, too? just have all the receipts...someones going to find it unusual. how did you live?
2007-02-04 16:38:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I'd say you are looking to get audited.
2007-02-05 06:44:01 · answer #7 · answered by whymewhynow 5 · 0⤊ 0⤋