Hudson Valley Nesties
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writing off medical expenses
what did you write off? is there a limit? i never wrote off any medical stuff but last year was a big medical year for us. so im looking into doing so..
engaged. 04/12/08
married 07/09/10
A.J 09/29/11
baby #2 due Jan 3, '15
Re: writing off medical expenses
We've never had enough to meet the minimum. We were going to do it for 2011 if we did IVF, but since we ended up not making it that far, we didn't have enough expenses.
You can only write off un-reimbursed medical expenses that exceed 7.5% of your adjusted gross income. So if your AGI is $50,000, then you could only write off unreimbursed expenses over and above the first $3500 of unreimbursed expenses (you basically have to eat the first 7.5% and can only write off the rest beyond that).
You also can't include anything that you used your FSA reimbursement money to pay for.
But you CAN include mileage deduction for trips to and from medical appointments. The rate was 19cents per mile for Jan-June, then went up to 23.5 cents per mile for July-Dec. This really adds up with all of the doc appts.
The IRS has some good info on their website about what you can, and can't deduct: http://www.irs.gov/taxtopics/tc502.html
Always missing my Mommy (1954-2010) and Daddy (1943-2012)
TTC since 2009 ; BFP 9/13/10 = MC 10/21/10
DX = DOR/POA (AMH=1.1; AFC=4-5)
Surprise BFP 8/31/11 while waiting to cycle for IVF
Welcomed our little miracle 5/7/12
Since Jan. we've had a large number of Dr visits too...
between ENT appts, regular appts and now with my knee and Ortho appts...
any tips on helping me start some type of spreadsheet
navy do share you tips (what to add, ect)! i would like to start a spread sheet for 2012. we due to be at the dr/ent/urologist/plus surgery all this year!
PM email and I will send on mine:)
Medication copays too. Tolls if you have to go through them to get to apply. PT OT OT visits.
I love how organized you are!!! I am jealous... I strive to be so organized!