2014 medical deductions

L

Lon

Well-known Member
Location
Central California
Don't forget that those of us over age 65 can deduct medical expenses that exceed 7.5% of our adjusted gross income. 10% for those under 65. I will be able to take deductions for 2014 just as I have the past few years and don't forget, All Medicare premiums and private health insurance premiums are deductible. How about you?
 

That has never helped me a bit. I had kidney failure, a kidney transplant, 8 months of dialysis, and my meds cost about $1500 a month. But I have always had good ins. and didn't pay much out of pocket. I could never meet the Percentage threshold.

Gene
 
I just filled out my tax preparer's "tax workbook", so it's fresh in my mind. I list health insurance premiums (both Medicare and private insurance), dental insurance premiums and out of pocket costs, doctor visits, drug costs, mileage to and from appointments, meals when I have to drive quite a ways to get care. I'm still paying a mortgage so it's fairly easy for me to qualify for itemized deductions.
 

So far, under the older insurance plans I could not deduct. Today I tried to do my federal and found out about all these deductions but I never kept track of them last year. So maybe for the coming year I will try to keep some sort of account of those expenses. Not sure how yet as sometimes they get lost in other payoffs as well. Likely need to set up a special account free of my budget accounts so that it's net is free of other items and will be a one number answer for next tax season.

Then if next year I have no reduction of my taxes, I will just forget the extra work and pretend I am just working on the short form only.
 
Have never made the medical deductions ever, and when NYS put STAR into effect, the possibility of my deductions exceeding the standard ended. By the time the extra couple hundred you get for being over 65 is calculated in, even when I stop working, the standard will always be the higher of the two.
 

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