I had thousands of dollars in medical expenses in 2006. Insurance paid quite a bit of the bills (new knee) but it also cost
me alot of money, other than what insurance paid. Could you
please give me the percentages needed to qualify for medical
expenses. Thank you
2007-02-08 09:56:09 · 4 answers · asked by dutch22@sbcglobal.net 1 in Business & Finance ➔ Taxes ➔ United States
the out of pocket expenses you paid qualify. If you made 100,000, then anything over 7.5% or 7,500 can be written off. (this is an example figure only). Since I do not know your income level your 7.5% will be different, but that is how it works,
2007-02-08 10:03:29 · answer #1 · answered by Jen 5 · 0⤊ 0⤋
Only the amount of medical expenses (that you paid, you can't count the amount paid by insurance) that exceeds 7.5% of your AGI is deductible.
2007-02-08 18:02:26 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
Medical expenses that exceed 7.5% of your Adjusted Gross Income are deductible. If your AGI was $20,000, the first $1,500 would not be deductible but the remainder would be.
2007-02-08 18:04:29 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Need more information. But, you should show it to a local lawyer. Most will answer one question without charge.
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2007-02-08 19:06:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋