Tax Time - prepare & file your taxes for free

[eau_xplain 2]

anyone know what the rules are on deduction of medical expenses for the year?

As a general rule you can deduct only the amount of your medical and dental expenses that is more than 7.5% of your adjusted gross income (Form 1040, line 38).

Full details here.

However, you can set up a Medical Account/Fund (sorry, can't remember the exact term), wherein you put money into it on a monthly basis. You can then use that fund to pay any medical bills you might have for the year. The money that you put into that fund is tax deductable. However, any money that is unused at the end of the year will go to the federal government.

We started one this year to pay for my step-son's (and maybe my son's) braces.

[TracyTN 237]

anyone know what the rules are on deduction of medical expenses for the year?

As a general rule you can deduct only the amount of your medical and dental expenses that is more than 7.5% of your adjusted gross income (Form 1040, line 38).

Full details here.

However, you can set up a Medical Account/Fund (sorry, can't remember the exact term), wherein you put money into it on a monthly basis. You can then use that fund to pay any medical bills you might have for the year. The money that you put into that fund is tax deductable. However, any money that is unused at the end of the year will go to the federal government.

We started one this year to pay for my step-son's (and maybe my son's) braces.

We have one too - I think the name may vary, but my company calls it a flexible spending health care reimbursement account.

[Ban Hammer 13,550]

anyone know what the rules are on deduction of medical expenses for the year?

As a general rule you can deduct only the amount of your medical and dental expenses that is more than 7.5% of your adjusted gross income (Form 1040, line 38).

Full details here.

However, you can set up a Medical Account/Fund (sorry, can't remember the exact term), wherein you put money into it on a monthly basis. You can then use that fund to pay any medical bills you might have for the year. The money that you put into that fund is tax deductable. However, any money that is unused at the end of the year will go to the federal government.

We started one this year to pay for my step-son's (and maybe my son's) braces.

ty, i think we might just meet that 7.5% this year