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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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deducting medical expenses
Those who do this on their taxes
Im trying to prepare for next years taxes
How do I keep track of it all??
I have a folder with all the recipts, but should I do like an excel program for dates of visits and then figure out the milage as well?
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Posted 3/30/06 9:29 PM  |
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karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
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Re: deducting medical expenses
Donna, I keep an excel spreadhseet of ALL medical expenses -- because those co-pay visits add up too!! I haven't kept track of milage but I would include that on your spreadsheet too. I can email you my format if you want -- but it's pretty standard.
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| Posted 3/30/06 9:44 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: deducting medical expenses
I have a separate calendar that I am keeping of all appts, symptoms, when I started taking certain drugs etc and expenses.
I spoke to my acct. about it today (whose wife had to do IVF with his first). I think it has to be a certain percetage of your pay.
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| Posted 3/31/06 5:19 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: deducting medical expenses
yes it has to be 7.5% of your income. Kara can you emial me that spreadsheet too. Thanks
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| Posted 3/31/06 8:33 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: deducting medical expenses
Keep a journal or something along those lines. You may also want to keep track of milege as some of that is deductible.
My professional advise.... Contribute to Flex. Spending Account...this way you can pay some medical expensed with pretax money and it will lower your taxable income. To be able to claim some of your medical expenses on your tax return, they have to be above 7.5% of you Adjusted Gross Income and they they are only included as a misc. deduction so the only real benefit is up to your marginal tax rate. Also, should AMT tax not change, a lot of Long Islanders are going to be subject to AMT tax and medical expenses are an exclusion so you don't get to use them at all.
Message edited 3/31/2006 8:45:34 AM.
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| Posted 3/31/06 8:45 AM |
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karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
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Re: deducting medical expenses
Posted by shamrock12472
Keep a journal or something along those lines. You may also want to keep track of milege as some of that is deductible.
My professional advise.... Contribute to Flex. Spending Account...this way you can pay some medical expensed with pretax money and it will lower your taxable income. To be able to claim some of your medical expenses on your tax return, they have to be above 7.5% of you Adjusted Gross Income and they they are only included as a misc. deduction so the only real benefit is up to your marginal tax rate. Also, should AMT tax not change, a lot of Long Islanders are going to be subject to AMT tax and medical expenses are an exclusion so you don't get to use them at all.
Yes but I think you have to sign up for the Flex Acct. at the beginning of the year so in the meantime...I am just keeping track. We will def. do the flex account next year -- DH didn't even know about it and I am on his policy.
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| Posted 3/31/06 9:00 AM |
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Sandra
LIF Adult
Member since 5/05 1185 total posts
Name:
Sandra
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Re: deducting medical expenses
Posted by karacg
Posted by shamrock12472
Keep a journal or something along those lines. You may also want to keep track of milege as some of that is deductible.
My professional advise.... Contribute to Flex. Spending Account...this way you can pay some medical expensed with pretax money and it will lower your taxable income. To be able to claim some of your medical expenses on your tax return, they have to be above 7.5% of you Adjusted Gross Income and they they are only included as a misc. deduction so the only real benefit is up to your marginal tax rate. Also, should AMT tax not change, a lot of Long Islanders are going to be subject to AMT tax and medical expenses are an exclusion so you don't get to use them at all.
Yes but I think you have to sign up for the Flex Acct. at the beginning of the year so in the meantime...I am just keeping track. We will def. do the flex account next year -- DH didn't even know about it and I am on his policy.
I do the flex account and it is great, we get a debit card to use to take $$ out of the account instead of submitting forms. Ours is used up already--DH got new glasses, so next year I will increase it b/c of the baby. I did use it at CVS for a prescription plus shampoo and makeup, and I really didn't think they would accept it, but it went through. We also have used the debit card at the doctors office for the copays which has been great. My company also offers the trip account for the railroad or parking and for child care (all pre-tax)...
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| Posted 3/31/06 11:19 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: deducting medical expenses
Posted by shamrock12472
so the only real benefit is up to your marginal tax rate. Also, should AMT tax not change, a lot of Long Islanders are going to be subject to AMT tax and medical expenses are an exclusion so you don't get to use them at all.
OK, this is gibberish to me.  How do I get a flex account?
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| Posted 3/31/06 7:03 PM |
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karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
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Re: deducting medical expenses
Pauline, your insurance company should have this option available - check with your benefits manager. But as I say, in most if not all cases, you have to sign up at the beginnig of the year when you renew your insurance plan.
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| Posted 3/31/06 10:25 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: deducting medical expenses
my insurance is a union, so I dont think they offer it. I'll have to check with DHs new policy
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| Posted 4/1/06 8:02 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: deducting medical expenses
Posted by rose825
my insurance is a union, so I dont think they offer it. I'll have to check with DHs new policy
Check with your HR or union leader. Some times they are called cafeteria plans or 125 plans too.
Message edited 4/1/2006 8:38:27 AM.
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| Posted 4/1/06 8:38 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: deducting medical expenses
Posted by shamrock12472
Posted by rose825
my insurance is a union, so I dont think they offer it. I'll have to check with DHs new policy
Check with your HR or union leader. Some times they are called cafeteria plans or 125 plans too.
I will, thanks!
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| Posted 4/2/06 8:09 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: deducting medical expenses
I've done this the last few years...but I'm not too organized.
I throw all my receipts in a basket, and tally them each quarter. I also record all my dr/RE/acu appts for mileage.
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| Posted 4/3/06 7:56 AM |
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