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Message
re: Questions about medical expense tax deduction
Posted on 7/17/14 at 9:51 pm to ILikeLSUToo
Posted on 7/17/14 at 9:51 pm to ILikeLSUToo
First off, I find that generally, hitting the 10 percent cap on medical deductions isn't exactly a good thing, life-wise, so i'm sorry for your family's medical issues and I pray that things will be healthier for y'all in the future.
As far as medical mileage, keep a log of beginning and ending mileage for each trip, with dates, location, and hospital/docs visited. You can corrobarate this with dated receipts for co-pays, etc.
For co-pays, co-insurance, medications, etc, I would use my EOBs from the insurance company, and if you have the reciepts, even better. If you are missing some receipt, cross-check your EOBs with your bank statements.
Just hitting 10 percent in and of itself is not a red flag. If you hit 80 percent, you might be asked at some point to print some stuff. Just keep all your records.
Oh, and I LOVE clients like you... ones who ask questions BEFORE they show up at tax time. =)
As far as medical mileage, keep a log of beginning and ending mileage for each trip, with dates, location, and hospital/docs visited. You can corrobarate this with dated receipts for co-pays, etc.
For co-pays, co-insurance, medications, etc, I would use my EOBs from the insurance company, and if you have the reciepts, even better. If you are missing some receipt, cross-check your EOBs with your bank statements.
Just hitting 10 percent in and of itself is not a red flag. If you hit 80 percent, you might be asked at some point to print some stuff. Just keep all your records.
Oh, and I LOVE clients like you... ones who ask questions BEFORE they show up at tax time. =)
3
Posted on 7/18/14 at 8:04 am to LSUFanHouston
quote:
Oh, and I LOVE clients like you... ones who ask questions BEFORE they show up at tax time.
Don't do taxes anymore, but that is the gospel right there. Nothing worse than they guy that shows up on April 1 with envelopes full of pharmacy and doctor's office receipts with nothing tabulated.
And I echo the best wishes for a healthier future for your family.
As far as prescriptions, most pharmacies will give you a print out of all the prescriptions you've have filled for the year with a total amount you paid out of pocket, so that's the easy one.
Medical deduction really isn't a red flag unless you start claiming huge amounts every year. It's somewhat normal to have a large medical deduction one year, and nothing the subsequent years.
Posted on 7/18/14 at 9:17 am to LSUFanHouston
Medical mileage includes the distance driven to fill prescriptions as well as doctor visits. Pharmacies are usually more than happy to provide detailed records of all prescriptions they filled for a patient during the year, so you can get a complete accounting if some receipts are lost. Third party documents are the best form of substantiating expenses.
Posted on 7/18/14 at 11:56 am to LSUFanHouston
Thanks for the advice and well wishes. Wife is fine. Her bills are just from the birth. Daughter has manageable asthma, but sometimes requires an ER visit once every year or two when she catches some nasty upper respiratory infection at daycare. The big one is my infant son's skull surgery next week, though.
I'm glad the EOBs will sufficient, since those are really easy to access and print.
Actually, I've always done my own taxes, except one year where it was my first year as a 1099 freelance writer. For my situation now, I've never seen a need for someone to help. Usually just let HR Block software walk me though it. Main deductions have always been:
Mortgage interest if I can itemize
Property taxes
Student loan interest
Daycare cost
I'm glad the EOBs will sufficient, since those are really easy to access and print.
quote:
Oh, and I LOVE clients like you... ones who ask questions BEFORE they show up at tax time.
Actually, I've always done my own taxes, except one year where it was my first year as a 1099 freelance writer. For my situation now, I've never seen a need for someone to help. Usually just let HR Block software walk me though it. Main deductions have always been: Mortgage interest if I can itemize
Property taxes
Student loan interest
Daycare cost
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