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I live in Michigan and we can claim them on our state form. I have all of my statements and papers for what insurance didn't cover. Is there a minimum amount I needed to spend before making a claim?

2007-11-18 20:26:58 · 2 answers · asked by googirl77 5 in Business & Finance Taxes United States

2 answers

Wayne is correct.
Actually the amount is 7.5% of your Adjusted Gross Income.

2007-11-19 01:54:46 · answer #1 · answered by brookethestylist 3 · 0 0

On the Federal return, medical expenses are an itemized deduction and their are hurdles to get over.

1) Only the portion of your expenses that are over 7.5% of your income are deductible as an itemized deduction.

2) Your total itemized deductions must be over your standard deduction in order to get a tax benefit. Generally speaking, unless you are paying on a mortgage, you probably won't have enough. Mortgage interest tends to be the largest itemized deduction by far.

2007-11-19 00:54:30 · answer #2 · answered by Wayne Z 7 · 1 0

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