Results 1 to 5 of 5

Thread: Doc visits-tax deduction?

  1. #1
    Veteran Member sugartaste's Avatar
    Joined
    Feb 2006
    Location
    north jersey
    Posts
    424
    Thanks
    171
    Thanked 328 Times in 123 Posts

    Default Doc visits-tax deduction?

    As I get ready to file my taxes, I've been reading up a lot here about what exactly can and can't be considered a tax deduction. But my question is, what about doctor visits? I see my psychiatrist every 4 weeks for medication management, and because I haven't had health insurance in almost 2 years, I pay $75 cash for each visit. Certainly nothing I can't afford, but it does add up (for the record, he gives me my meds for free because he knows I'm not insured). This will be my first year filing as an IC, btw..and I have a receipt for every doc visit I made last year.

    ??
    Life is what happens when you're busy making other plans

  2. #2
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re: Doc visits-tax deduction?

    that's a nice little grey area. First, you have to itemize your deductions. Many people don't since it's not beneficial for them to do so.

    If you do itemize (I do because I have a mortgage) and are entitled to a deduction, but it has no real value unless your medical bills are really high. Like 7.5% of your adjusted gross income. Most people don't qualify.

  3. #3
    Featured Member Katherine's Avatar
    Joined
    Oct 2004
    Location
    NYC Baby
    Posts
    1,359
    Thanks
    0
    Thanked 8 Times in 8 Posts

    Default Re: Doc visits-tax deduction?

    If you are going to continue seeing your doc, what you CAN do to not pay taxes on future visits is set up an HSA (Health Savings Account). You put pre tax money in the account and can use that money for your doc.

    Downside? You can ONLY use the money for health related things. You will be penalised for simply withdrawing cash out of it. BUT, you know what you're spending. So don't put more in it. Or put slightly more in it to cover the occasional dr. visit, band-aids, eye contacts, dentist appt's, etc. Any money that you don't use continues to grow tax free (though not by much...) and acts like an IRA till you retire.

    So you see your Dr. every four weeks? That's 900. do you wear contacts or get new glasses each year? 300. Yearly gyno visit with tests. 100. Various home health products (band aids, cortizone cream, advil...) for the year. I don't know, another 100. So that's 1400 pre tax dollars you could put into an account, that you know you'll spend. Add in any other doctors you see as well. Dentists. My friend had some extra money in her account (and she has ins, so she doen't need to worry bout emergenecies) so she did some checking and paid for accupuncture and massage sessions with it.

    I just became elegible for insurance with my company, but am still planning on opening an account with a grand or so a year to cover my contacts and co pays. It's pre tax money so it's great!

    Check one out at a bank near you... I think you can open them online as well.

    Sophia_Starina = stripper goddess


    "Guys are so damn lame, the only way they can halfway make up for it is by opening their wallets."

    AznExtasy

  4. #4
    God/dess FrustratedBunny's Avatar
    Joined
    Jan 2006
    Location
    New Orleans, LA
    Posts
    2,457
    Thanks
    0
    Thanked 4 Times in 4 Posts

    Default Re: Doc visits-tax deduction?

    I can deduct anything I pay out of my HSA. However, you have to get a high deductible insurance policy to get an HSA (unless things have changed) and if you are seeing a pscyhiatrist nobody will probably write you any insurance policy (unless where you live is a guaranteed issue state.) Worth a try though.

  5. #5
    Veteran Member sugartaste's Avatar
    Joined
    Feb 2006
    Location
    north jersey
    Posts
    424
    Thanks
    171
    Thanked 328 Times in 123 Posts

    Default Re: Doc visits-tax deduction?

    Thanks so much ladies, I'm definitely going to be doing some major research into HSAs.
    Life is what happens when you're busy making other plans

Similar Threads

  1. Deduction claims
    By YngMomzJrny in forum Dollar Den
    Replies: 6
    Last Post: 10-30-2011, 01:10 PM
  2. boob job deduction? Melonie?
    By Gemini_Syn in forum Dollar Den
    Replies: 8
    Last Post: 01-26-2009, 03:29 PM
  3. Trip to Bermuda - Tax Deduction
    By AudreyLeigh in forum Dollar Den
    Replies: 8
    Last Post: 07-02-2008, 09:54 PM
  4. Business Mileage Deduction
    By alessandra in forum Dollar Den
    Replies: 3
    Last Post: 02-16-2008, 08:55 AM
  5. Tax Questions - Deduction Thread?
    By mark069 in forum Dollar Den
    Replies: 8
    Last Post: 03-14-2007, 01:29 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •