Is There An Accountant In the House?

[ptrbryant]

Just did my online TurboTax (did NOT e-file it yet, though!)My question:

I'm in the state of Kentucky and the taxes due from us are $519. If I pick up year-end rx totals from our drugstores, I'm guessing I may have another $1000 - $2000 in medical deductions (DS has asthma). If I can bring my tax due to under $500, I won't have to make estimated payments throughout 2005. Would the additonal medical deductions bring me to under $500?

Thanks!
Karla B.

 

[fam4jc]

Medical deductions are allowable after it reaches a percentage of income (I think it's still 6%) That's a ton of medical expenses BEFORE you can deduct on schedule B. We could do it one year when our daughter was in NICU for two weeks. But we're talking 30 grad out of pocket.
by the way, I am an accountant.

 

[ptrbryant]

I somehow knew that about Federal medical deductions, but wasn't sure if it was (dramatically and favorably) different for state filings.
I appreciate your time and expertise!!!

Karla B.