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Arvada

Kate621Kate621 member
in Preemies
What are these tax purposes you speak of? No one told us anything about this. We have certainly been doing a lot of driving to the hospital in the last four months. TIA!
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Re: Arvada

  • ArvadaBrideArvadaBride
    I just found this out and blogged about it here
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  • kgeorge1019kgeorge1019 member

    I just wanted to throw my 2 cents in - i'm a CPA and just wanted to make sure you were aware of the limitations before you started going nuts detailing everything. 

    To be able to deduct your medical expenses, first you have to itemize your deductions.  Basically everyone gets the greater of either the standard deduction or itemized deductions.  If you're married and filing jointly, the standard deduction is $11,400 for 2009.  So basically you need to have more than $11,400 in deductions to even consider itemizing.  We generally say that you have to own your house because the big deductions are real estate taxes and mortgage interest.

    THEN the medical expenses you can deduct are what is greater than 7.5% of your adjusted gross income.  Basically, if you make $100,000, you can deduct whatever amount is OVER $7,500.  So if you have $1,000 in medical expenses, you can't deduct anything.  If you have $8,000 in medical expenses, you can only deduct $500.  If you have insurance, it will be very difficult to reach the threshold of paying more than 7.5% of your AGI. 

    this is a pretty simplified explanation but i hope it's clear... this is the itemized deduction schedule where you can see what i'm talking about

    https://www.irs.gov/pub/irs-pdf/f1040sa.pdf  

    HTH! 

    Our little peanut was born at 23w4d Lilypie Premature Baby tickers
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