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Thread: Healthcare and Taxes

  1. #1
    AudreyLeigh
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    Default Healthcare and Taxes

    Im getting all my stuff together for the tax guy.

    Is there anything in the tax laws about healthcare? I have huge bills from all that happened at the end of last year and didnt know if there was some kind of tax break? Or rather not the bills but the payments like the $650 deductible for the surgery and all the $20 co pays?

  2. #2
    Featured Member minnow's Avatar
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    Default Re: Healthcare and Taxes

    Medical & dental expenses are deductible to the extent that they exceed 7.5% of your income.

    BUT.... That would be worthwhile ONLY if that and other itemized deductions (state & local income taxes, home mortgage interest, charitable contris, unreimbursed employee expenses, etc) exceeds standard deduction ($5350 for singles or married filing seperately, more if head of household ($7850), or joint married ($10,700). Ahhh, that time of year again

  3. #3
    AudreyLeigh
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    Default Re: Healthcare and Taxes

    Thanks for the info!

    OK, since my husband has commuted 300 miles R/T every weekday for a year is THAT write off able?

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    Banned Melonie's Avatar
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    Default Re: Healthcare and Taxes

    ^^^ the answer is ... it depends ! If your husband is considered to be an 'employee', and the 300 miles of daily travel consists of diving 150 miles to his workplace and another 150miles back from his workplace then this is not a deductible business travel expense.

    On the other hand, if your husband is an independent business person, if his registered business address is the same as your residential address, and if he is performing contract work for a client located 150 miles away, then this would probably be a deductible business travel expense.

    To be unconditionally deductible, business travel expenses must involve

    A) an overnight hotel stay, or B. travel between two different workplaces

  5. #5
    Banned Katrine's Avatar
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    Default Re: Healthcare and Taxes

    Audrey, you can deduct the medical fully as a business expense if you file for yourself. But your deductibles and co-pays aren't as likely to exceed 7.5% AGI. I had a ton of med. bills last year and couldn't deduct them. Hence..I IMMEDIATELY got an HSA this year, and its awesome, I've already used it for so many things.

    $50 comes out of my paycheck pre-tax, but I've already used at least $300 worth on the HSA card, and no additional out of pocket expenses at purchase.

    You may have some leeway for yourself here, but like Melonie says, it depends.

    Same thing with commuting. If its to and from his main office, no-go. If he travels around for his job, he can deduct that. A CPA would be very helpful here.

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