3 Upvotes
Comment
Hi, such a good tip for families expecting high med bills, but just remember, that deduction is applied only if you and your spouse file jointly and itemize on your tax return-that means these medical bills are combined with the mortgage interest, property and or state taxes, any donations made, and a few other minor deductions and the total amount has to exceed your standard deduction, which means not every family would be able to claim that deduction, if they rent per say, or have a paid off house... Hope that would be helpful.
High medical bills???
For all US ladies.... Did you know that if medical expenses exceed 7.5% of your total income (you or you plus spouse, depending on how you file), you can deduct everything above the 7.5% from your taxes!!! Our accountant made us aware of that when we started planning for the pregnancy so we have diligently saved every receipt. We did IVF to get pregnant so we exceeded that cap long ago so we are looking forward to the tax deduction. We file jointly so anything (Rxs, dr visits, blood draws, etc) my hubby or I had all year counts. It only counts out of pocket expenses like copays and non covered items, not what insurance pays out. BUT, a tax deduction is a tax deduction!!
It's worth it to hire an accountant to do all the work for you, especially with all the medical expenses. Highly recommend getting one who can help you get all kinds of deductions you otherwise wouldn't have known about!!
Wanted to share in case anyone else can benefit!!!
185
views • 3
upvotes • 2
comments
Let's Glow!
Achieve your health goals from period to parenting.
