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» LymeNet Flash » Questions and Discussion » General Support » Tax deduct for co-pays

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Author Topic: Tax deduct for co-pays
savebabe
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Hi everyone.

I found out recently from my tax accountant that private health insurance and co-payments from your meds can be deducted.
Good luck.

Posts: 1603 | From ny | Registered: Aug 2006  |  IP: Logged | Report this post to a Moderator
Kendrick
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Yes, a much needed tax deduction.

--------------------
Never walk through a cornfield backwards.

About me(Yahoo): http://360.yahoo.com/profile-NR1Y8cw6fqhtrewwItSlfsgQDIhaOojd

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Lymetoo
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Oh yes! Any med expense counts. Even supplements if you have a script for them.

--------------------
--Lymetutu--
Opinions, not medical advice!

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justag
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what's needed to file with the tax claim?

can I ask for an annual claim summary from my insurance company to file with tax form? it should have all the co-pays included...

what about co-pay for doc's visits and out-of-pocket med expenses?

thanks a lot for more clarifications!

Posts: 196 | From atlanta/norcross, georgia | Registered: Feb 2007  |  IP: Logged | Report this post to a Moderator
savebabe
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Do we have an accountants on board that are willing to share their knowledge?
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Aniek
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Before you get excited, your accountant only gave you part of the information. Medical expenses are only tax deductible if:

1. They are greater than 7.5% of your adjusted gross income http://www.irs.gov/taxtopics/tc502.html

or

2. You have a health savings account or some other account where you put in pre-tax dollars for medical expenses and then submit receipts for reiumbursement.

--------------------
"When there is pain, there are no words." - Toni Morrison

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Lymetoo
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quote:
Originally posted by Aniek:
1. They are greater than 7.5% of your adjusted gross income http://www.irs.gov/taxtopics/tc502.html

No problem here!!

--------------------
--Lymetutu--
Opinions, not medical advice!

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lymex5&counting
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Don't forget to write off lodging, mileage, airfare, tolls, parking, to Dr, Dentist, Hosp. LLMD's, etc. (Most everything but food qualifies)

Faxing and mailing of medical documents, test results, letters and claims to ins. co. postage, etc. Phone consults, long distance charges, etc.

Even the mileage to pick up the RX is deductible.

Shipping of blood to lab. Shipping of meds and supplies too.

It doesn't have to be covered by ins. to be written off. Many IV's, Colonics, etc may not be covered by ins but do qualify. Keep copies of everything and your RX's.

Because my children have lead poisoning if we ever figure out where it is coming from the IRS gives allowances on Lead clean up.

Good luck! Lyme x 9

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bettyg
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excellent ideas/suggestions ...

start doing for 2007 NOW so you don't run into this timeconsuming task next tax season.

my medical expenses came to 16,000 - 7.5% of 6,000; so 10,000 was shown there.

i wrote down each OUT OF STATE TRIP as they occurred:

mileage, $$ gas paid, lodging for driver/me and kept adding to that.

kept track of other mileage for local drs. as they occur too.

it is timeconsuming but worth your while to DEDUCT if you can.

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bettyg
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i also checked with my tax accountant since i've become politically active, and now bring my table/chairs handing out brochures and teaching others about lyme disease plus mileage.

. keep track of mileage per event;

. keep track of expenses copying lyme materials i hand out, etc. [Wink]

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minoucat
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Just a note to add that organic foods for medical purposes (specifically, allergies, but possibly also for detox) are deductible IF PRESCRIBED.

There's not a lot of info on this and such a deduction may get your audited (dunno, just a warning) but apparently excellent documentation will get you through and there are precedents.

Double check with a reliable tax person, though...

See http://bcn.boulder.co.us/health/rmeha/rmehtded.htm

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*********************

RECIDITE, PLEBES! Gero rem imperialem!
(Stand aside plebians! I am on imperial business.)



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pab
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You can claim mileage OR $$ gas paid, not both.

There is a limit on the lodging cost per night. I think it's $100/night.

--------------------
Peggy

~ ~ Hope is a powerful medicine. ~ ~

Posts: 2775 | From MN | Registered: Apr 2001  |  IP: Logged | Report this post to a Moderator
   

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