jojosmommy 03:58 PM 12-07-2011
What is the medical deduction % for 2011 and does it go off total income before deductions or your income after deductions?
Thanks
Michael 05:09 PM 12-07-2011
TomCopeland 02:03 PM 12-08-2011
Unregistered 08:40 AM 12-13-2011
What about your out of pocket expenses paid to medical clinics? I am technically eligible for a plan through an employer but it is more expensive than buying privately. We choose to buy privately. Can you use payments made to the clinic plus your total premiums to deduct as an expense? What % does it need to be of your total income? I heard it was going up to 10% to be deductable.
TomCopeland 12:46 PM 12-13-2011
Since you are eligible to participate in an employer sponsored health care insurance, you can't deduct your health insurance premiums on Form 1040. You can claim your out of pocket medical expenses as an itemized medical deduction on IRS Form Schedule A. But, you can only claim such expenses if they exceed 7.5% of your adjusted gross income.