I have 2 kids going in braces this year - Can I deduct this next year?

Question

I'll be spending about $7,000 out of pocket. I would guess I need to save and file receipts in a safe place to claim next year? What other advice should I use? Thanks

Answer 1

Save all of your medical receipts for all out of pocket expenses, not just the braces. You can deduct medical expenses that exceed (are more than) 7.5% of your AGI (adjusted gross income).

Answer 2

Others have already said this would be claimed as an unreimbursed medical expense. The total is reduced by 7.5% of your AGI. Also note: the expenses are deductible in the year PAID, not necessarily in the year the treatment took place. If the braces are purchased near the end of the year, you MAY be better of paying early in the following year.

Answer 3

you may anticipate to have promptly teeth!! Braces address generic 2 years reckoning on the severity of the issue. each and every time you visit the orthodontist, you're able to have your braces ajusted and for some days afterwoods, you're able to have some soreness regardless of the indisputable fact that it is going to flow away. the biggest element is solid oral hygiene. try to be better careful once you've braces to substantiate everthing is tremendous sparkling. You dont decide on to flow via all that soreness and performance your mothers and fathers spend all that money anly to discover that when the braces come off, you've a mouthful of holes.

Answer 4

You can deduct braces. You deduct the part that exceeds with all other deductible medical costs 7.5% of you Adjusted Gross Income.

Records are always a WONDERFUL IDEA!!!

Answer 5

If you itemize your deductions, you can claim it under medical expenses. I did this year.

Answer 6

my bro and i got braces within a year, but i say you save yer reciepts

Answer 7

Just give them the braces and get over it or you can borrow some money.

Answer 8

you cant deduct braces on taxes , it is considered cosmetic , you cant