I know that I have to have the 7.5% of my income to qualify, etc. but I was just wondering if it has to be itemize to take them off. I know nothing about taxes, just asking for the person that is doing my taxes.
2007-04-11 04:49:47 · 6 answers · asked by unseengyrl 1 in Business & Finance ➔ Taxes ➔ United States
Yes you would have to be itemizing in order to deduct Medical Expenses. If your total itemized deductions are less than the Standard deduction for your filing status, it would be more beneficial to use the Standard deduction
2007-04-11 05:09:56 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes, you have to itemize to deduct medical bills, and you can only deduct the part that's over 7.5% of your income - it's not that you can deduct them all as long as they're over the 7.5%.
You'd only itemize if your total deductible expenses (after taking out things like the 7.5%) is higher than your standard deduction.
If the person who's doing your taxes has to ask whether you need to itemize to deduct medical bills, you'd be advised to reconsider whether they should be doing your taxes - that's a question that anyone with any knowledge of doing taxes should know without having to ask.
2007-04-11 05:25:42 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
You can otherwise deduct your medical expenses as a Schedule C expense,
only if, you are a physician or in a related medical field - as a self-employed
person. These medical expenses that can be deducted either directly relate
to the income you earn, as Cost of Sales, and/or General & Administrative Overhead.
If these expenses relate to your own personal welfare, they can only be claimed as an itemized deduction on Schedule A.
As an alternative, you can also claim your medical expenses as an Estate Deduction (Form 706), but only in the case, if you're dead and your gross
estate exceeds 2 million in value.
No other options available.
2007-04-11 05:09:09 · answer #3 · answered by bold4bs 4 · 0⤊ 3⤋
Yes, you would have to itemize to claim the medical expense deduction. You cannot take the standard deduction and then deduct your medical expenses.
2007-04-11 04:54:16 · answer #4 · answered by peytonbarclay 3 · 1⤊ 0⤋
you will have to itemize in order to be able to take off your medical expenses.
2007-04-11 04:55:19 · answer #5 · answered by Ola 4 · 0⤊ 0⤋
Yes. You have to fill out a Schedule 1040 A
2007-04-11 04:54:17 · answer #6 · answered by Anonymous · 0⤊ 1⤋