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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Tax ? Deduct co-pays
Can you deduct co-pays you made throughout the year?
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Posted 1/21/16 4:03 PM  |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Tax ? Deduct co-pays
Only if they are above a certain limit in total.
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| Posted 1/21/16 4:05 PM |
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Tax ? Deduct co-pays
Do you know how much it has to be above?
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| Posted 1/21/16 4:17 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Tax ? Deduct co-pays
If you are under 65, you can deduct the amount that is over 10% of your AGI.
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| Posted 1/21/16 4:23 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Tax ? Deduct co-pays
Posted by bunnyluck
If you are under 65, you can deduct the amount that is over 10% of your AGI.
Yup. So if you adjusted household gross income on your taxes is 100k and you had $11,000 in medical bills you paid out of pocket, you can deduct $1000 of that.
Baiscally means you need to pay out some significant money (after insurance pays) before you even even start deducting medical bills on your taxes.
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| Posted 1/21/16 4:40 PM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Tax ? Deduct co-pays
Thanks all!
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| Posted 1/21/16 4:44 PM |
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Leb
LIF Adult
Member since 12/09 4166 total posts
Name:
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Re: Tax ? Deduct co-pays
Posted by bunnyluck
If you are under 65, you can deduct the amount that is over 10% of your AGI.
I thought 7.5%?
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| Posted 1/21/16 6:43 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Tax ? Deduct co-pays
7.5 if over 65
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| Posted 1/21/16 7:03 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Tax ? Deduct co-pays
Posted by Leb
Posted by bunnyluck
If you are under 65, you can deduct the amount that is over 10% of your AGI.
I thought 7.5%?
It used to be 7.5% but a couple years ago it was changed to 10% if under 65 and 7.5 for 65 and older.
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| Posted 1/21/16 10:50 PM |
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mommyagain3
LIF Infant
Member since 6/15 144 total posts
Name:
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Re: Tax ? Deduct co-pays
Posted by hotelcalie
Can you deduct co-pays you made throughout the year?
Only if you reach the 10% floor of MAGI.
The ironic part...the Gov't wants to make health care affordable but you still have to reach a floor before it becomes a deduction and you can't deduct your health ins. premiums.
Message edited 1/22/2016 9:01:50 AM.
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| Posted 1/22/16 8:57 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Tax ? Deduct co-pays
For nj taxes it is above 2.5%.
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| Posted 1/22/16 9:05 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Tax ? Deduct co-pays
Posted by mommyagain3
The ironic part...the Gov't wants to make health care affordable but you still have to reach a floor before it becomes a deduction and you can't deduct your health ins. premiums.
Not sure I get the last part. What do you mean you can't deduct your health insurance premiums? When I pay my monthly health insurance through my employer, it's done on a pre-tax basis. You can't deduct that since it's already excluded from taxes. 
Message edited 1/22/2016 9:10:03 AM.
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| Posted 1/22/16 9:09 AM |
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mommyagain3
LIF Infant
Member since 6/15 144 total posts
Name:
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Re: Tax ? Deduct co-pays
Posted by ave1024
Posted by mommyagain3
The ironic part...the Gov't wants to make health care affordable but you still have to reach a floor before it becomes a deduction and you can't deduct your health ins. premiums.
Not sure I get the last part. What do you mean you can't deduct your health insurance premiums? When I pay my monthly health insurance through my employer, it's done on a pre-tax basis. You can't deduct that since it's already excluded from taxes.
My point is that if the gov't really wanted to make health care affordable, it would be done through the ability to tax or not to tax. The IRS would eliminate the floor for medical expenses and would make health care ins. premiums deductible regardless of before or after tax. The Affordable Health Care Act has made my health insurance much more expensive through premiums, co pays, deductible corridors, elimination of services covered, etc. Just as in when governments, whether local or national, want to stimulate business - they give tax incentives. Why not give that type of incentive to the people that carry health care insurance?
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| Posted 1/22/16 9:26 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Tax ? Deduct co-pays
Posted by mommyagain3
Posted by ave1024
Posted by mommyagain3
The ironic part...the Gov't wants to make health care affordable but you still have to reach a floor before it becomes a deduction and you can't deduct your health ins. premiums.
Not sure I get the last part. What do you mean you can't deduct your health insurance premiums? When I pay my monthly health insurance through my employer, it's done on a pre-tax basis. You can't deduct that since it's already excluded from taxes.
My point is that if the gov't really wanted to make health care affordable, it would be done through the ability to tax or not to tax. The IRS would eliminate the floor for medical expenses and would make health care ins. premiums deductible regardless of before or after tax.
But the premiums are already tax deducted. I am not sure what part of that you don't get. If it's paid with pre-tax dollars, that's the equivalent of paying it post tax and then deducting from your taxes.
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| Posted 1/22/16 9:37 AM |
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ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
Name:
P
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Tax ? Deduct co-pays
Not everyone's are paid through their employers though. My mom pays hers on her own after she gets paid. She can't claim them
Message edited 1/22/2016 10:45:42 AM.
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| Posted 1/22/16 10:45 AM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Tax ? Deduct co-pays
They are not always paid pre tax...Private insurance is not. But if you pay with after Tax income, and your expense is above 10%, you can deduct premiums.
Here is everything you need to know about medical expenses or if you just need a nap...
https://www.irs.gov/uac/Claiming-a-Tax-Deduction-for-Medical-and-Dental-Expenses
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| Posted 1/22/16 10:57 AM |
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