How much can we get back for paying medical insurance?
Since my husband is retired, we are now paying for medical insurance for myself. Our tax person said that in order to get any reimbursement, we would have to have about $3300. Well we will have around $6000. in medical bills this year - do we get back the difference from the $3300. Or is it just a percentage?
Answers
1130 points
sundarkambam answered 9 months ago …
I found the following link.
Maybe it might be of some help.
http://www.irs.gov/pub/irs-pdf/p502.pdf.
2547 points
Oldman answered 9 months ago …
Superficially, you're entitled to deduct - as a part of the miscellaneous itemized deductions - the medical expenses that are greater than 7.5% of your adjusted gross income. Keep in mind that misc. itemized expenses are reduced by 2% of the AGI, before reduction of your taxable income.
I would also check with your tax person, but Mr Sundarkambam's answer is also some very good advice...get used to gointg to the IRS site for info and details of these tax matters. It's much better than sleeping pills.
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