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Doesn't hurt to ask =)

2007-08-30 19:12:18 · 4 answers · asked by Anonymous in Business & Finance Taxes United States

4 answers

Yes, to the extent that they exceed 7.5% of your AGI and you itemize deductions.

However, if any were paid with pre-tax dollars via a Section 125 plan at work then they're already tax-preferenced and cannot be deducted again.

2007-08-30 23:19:01 · answer #1 · answered by Bostonian In MO 7 · 0 0

Your out of pocket (after-tax) medical expenses (including health insurance and long-term care insurance) that you paid can sometimes be deducted. Here are a few cases.

If you itemize (use Schedule A), your medical expenses are deductible to the extent they exceed 7.5% of your gross income.

If you pay into a Health Savings Account with after-tax dollars (not through your employer with pre-tax dollars), those contributions may be deducted from your gross income as an adjustment.

If you are self-employed, 100% of your health insurance for you and your dependents may be deducted from gross income. This is done on Schedule C.

2007-08-31 09:50:54 · answer #2 · answered by ninasgramma 7 · 1 0

Sometimes. You have to subtract 7.5% of your adjusted gross income from your total medical expenses (including med insurance) - any amount over that can be taken as an itemized deduction. If you don't have enough total deductions to itemize, then no, you just take the standard deduction instead.

2007-08-31 11:59:24 · answer #3 · answered by Judy 7 · 0 0

These can be deducted on Schedule A of your income tax.
Medical, dental, eye doctor, health insurance, mileage to the doctor...

There are several things you can't deduct such as over the counter medicines, life insurance....
http://www.bankrate.com/brm/itax/tips/20010323a.asp

2007-08-31 09:22:24 · answer #4 · answered by Jackie S 2 · 0 0

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