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i just found out i can claim copays and prescriptions on my taxes right? so can i claim the cost of the doctors visit?

2007-08-20 06:26:13 · 4 answers · asked by sabercat700 2 in Business & Finance Taxes Other - Taxes

h&r block told me i could do it so i've have saved them i have 200.00 dollars just from the past couple months, so when i get them all out i will have alot more.

2007-08-20 06:51:03 · update #1

4 answers

certainly. They are considered medical expenses, but remember, you have to exceed 7.5% of your AGI for the excess to be deductible. It gets reported on Schedule A - Itemized Deductions. And of course you have to be able to itemize for it to do you any benefit.

2007-08-20 06:33:25 · answer #1 · answered by Anonymous · 2 0

Anything paid to the doctor that is NOT covered by insurance is eligible for medical expenses (as long as they qualify).

But, as mentioned above, you need to be able to itemize to have this count PLUS only the portion over 7.5% of your adjusted gross income will give you any tax benefit.

For example, if you made $10,000 in 2007 you could only consider the total of your bills over $750. And that isn't taking into account if there is enough to itemize.

The people that really benefit from this deduction have little income and higher itemized deductions, typically retired low-income earnings or have paid significant amounts in medical bills during the year. It is worth taking a look at, yes, but please realize that the typical American doesn't really see any benefit here.

2007-08-20 15:18:53 · answer #2 · answered by Molly 6 · 0 0

Maybe. To claim medical expenses, you have to itemize, and can only claim as itemized deductions the amount of your medical expense that is OVER 7.5% of your adjusted gross income.

2007-08-20 13:36:39 · answer #3 · answered by Judy 7 · 1 0

as discussed elsewhere you need to have a 7.5% of AGI to deduct med exp, but for next years planning consider putting some pretax dollars aside for medical expenses if it applies to your situation

2007-08-20 13:40:13 · answer #4 · answered by mrrosema 5 · 0 0

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