Income Tax Question

[tiggerlover]

I recently went to the eye doctor for my yearly exam and contact refitting. When I read my receipt it said to retain this receipt for income tax purposes. Does anyone know why this would need to be saved for tax time?

 

[TerryKitten]

If you get so much in medical exp. you can deduct it from your taxes. At least that it was I think it means.

 

[Kimmie5870]

Probably in case you decide to file long form on your taxes this year.We filed long form for the first time 3 years ago and couldn't believe the difference in our return compared to filing standard deductions.It's really amazing how fast those medical expenses add up.

 

[MorganLeFey]

if you itemize your deductions, you may deduct unreimbursed medical expenses from your taxes if your expenses exceed 7.5% of your adjusted gross income.

only someone who is seriously ill and/or lacks medical insurance would be able to take the deduction.

 

[salmoneous]

I recently went to the eye doctor for my yearly exam and contact refitting. When I read my receipt it said to retain this receipt for income tax purposes. Does anyone know why this would need to be saved for tax time?

Good news: Medical expenses - which includes eye exams and contacts - can be deductible from federal income taxes.

Bad News: They are only deductible to the extent they exceed your adjusted gross income by 7.5%. So if you made $60,000 last year, the first $4,500 in medical expenses aren't deductible. But anything over that would be.

This is one of those deductions you generally hope you never get to use

 

[ntsammy5]

if you itemize your deductions, you may deduct unreimbursed medical expenses from your taxes if your expenses exceed 7.5% of your adjusted gross income.

only someone who is seriously ill and/or lacks medical insurance would be able to take the deduction.

True. But that's hard to reach if you have insurance. You should consider a medical spending plan if your employer offers it.

 

[tiggerlover]

Thanks so much, I appreciate all of your (quick) responses!

 

[floridafam]

We save all of our receipts and tally what we pay for medical and dental at tax time.

We often exceed the 7.5% or whatever it is. Last year I had 2 root canals and a baby so that all added up.

We have wonderful health and dental insurance but the out of pocket expenses still add up.

It can't hurt to save all of your receipts to see where you are at during tax time.

I also save all of our misc. receipts. We live in a state without any income tax so we get to deduct a portion of the sales tax we paid. I could use the deduction the IRS calculated for us or the actual figure. What we paid was WAY more than what the figure was from the IRS.


If you own a house, pay student loans or have any other large expenses then I would not file the short form.

Hope this helps.