I know that it is a percent of my yearly earnings... but over what % is it when I can start writing these expenses off?
Thanks in advance.
2007-07-19 08:36:37 · 5 answers · asked by Shane 3 in Business & Finance ➔ Taxes ➔ United States
it's not a percentage of your yearly earnings. It has to exceed 7.5% of your AGI, and you have to itemize. And it's only the amount in excess of the 7.5% that you can deduct. I have attached a guideline as to deductible medical expenses.
2007-07-19 09:02:40 · answer #1 · answered by Anonymous · 2⤊ 0⤋
7.5% of your adjusted gross income, which might or might not be the same as your total earnings. And even then you only write it off of the deductible medical expenses plus whatever other itemized deductions you have is more than your standard deduction.
2007-07-19 16:59:55 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
7.5% of your adjusted gross income and you must itemize.
I usually see only 1 or 2 people per year that can get over both thresholds.
2007-07-19 15:46:55 · answer #3 · answered by Wayne Z 7 · 2⤊ 0⤋
The general rule of thumb is that your expenses must be more than usually 3-5% of your gross income. It depends on your bracket. Your medical expenses must be classified as "extraordinary," which as you can imagine is quite a feat. Check the Tax Regulations.
2007-07-19 15:42:10 · answer #4 · answered by Megan R 2 · 0⤊ 5⤋
It is over 7.5%.
2007-07-19 15:40:26 · answer #5 · answered by sortaclarksville 5 · 0⤊ 1⤋