Think I found my solution
- Thread starter Archives1
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Archives1
Staff member
That great, justej. I wondered if even with insurance and/or Medicare, anyone could afford the out-of-poacket.
Currently doing our taxes, and I need some info my Pension people on what I'm paying for the various medical. The IRS want it separeted out by type, like reguare Medical, LTC, etc etc.
The next uestion is: does it matter? We stil have to reach over 7% of our Gross Taxable income.
But:
Currently doing our taxes, and I need some info my Pension people on what I'm paying for the various medical. The IRS want it separeted out by type, like reguare Medical, LTC, etc etc.
The next uestion is: does it matter? We stil have to reach over 7% of our Gross Taxable income.
But:
Archives1
Staff member
just ej: That's really great.
Now for the good news for lots of us: INCOME TAX DEDUCTIONS: MEDICAL: FOR THOSE ON TIGHT FINANCES, some types of expenses, available to real people in the 1970s and early 1980s, and taken away from us, have been restored. You may have to meet the IRS rule that rule that you have to exceed 7% of your Adjusted Gross Income, so check! If you can, it's worth the effort to know, one way or the other.
We can now deduct TRAVEL, again, and costs of the travel (which may include motel and maybe food).
So: SAVE THOSE RECEIPTS! Keep strict track of your mileage. If you combine the trip with something else - say a trip to COSTCO, you may have to subtract a certain percentage. I had to do that several times, in the past. There is a list, I gather, in the IRS booklet on Medical Deductions. I am using TurboTax 2019, so it asked me the questions, and my former employer hadn't sent those answers. Yet. I am on Medicare, too. Not sure if that's included, but I do pay the required monthly fee for that for Part B, too, and have to figure out how to get that info, I'm afraid. The form had roon to add Part A and Part D, I think. I'm not on "Obamacare" or any of those Government plans. They list them, but i don't remember the details.
Check!
I will try to update this if the IRS gives me any info, either way.
I'm not sure if this applies to the short-form or long-form or both. I'll start a new thread, on this, too, but will be sure to try to post it on this one.
Now for the good news for lots of us: INCOME TAX DEDUCTIONS: MEDICAL: FOR THOSE ON TIGHT FINANCES, some types of expenses, available to real people in the 1970s and early 1980s, and taken away from us, have been restored. You may have to meet the IRS rule that rule that you have to exceed 7% of your Adjusted Gross Income, so check! If you can, it's worth the effort to know, one way or the other.
We can now deduct TRAVEL, again, and costs of the travel (which may include motel and maybe food).
So: SAVE THOSE RECEIPTS! Keep strict track of your mileage. If you combine the trip with something else - say a trip to COSTCO, you may have to subtract a certain percentage. I had to do that several times, in the past. There is a list, I gather, in the IRS booklet on Medical Deductions. I am using TurboTax 2019, so it asked me the questions, and my former employer hadn't sent those answers. Yet. I am on Medicare, too. Not sure if that's included, but I do pay the required monthly fee for that for Part B, too, and have to figure out how to get that info, I'm afraid. The form had roon to add Part A and Part D, I think. I'm not on "Obamacare" or any of those Government plans. They list them, but i don't remember the details.
Check!
I will try to update this if the IRS gives me any info, either way.
I'm not sure if this applies to the short-form or long-form or both. I'll start a new thread, on this, too, but will be sure to try to post it on this one.
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