Author Topic: health care expenses  (Read 1315 times)

bye-bye Ms. FancyPants

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health care expenses
« on: October 06, 2015, 12:58:33 PM »
As I understand it you can deduct healthcare expenses if they total 10% of AGI. Due to some unfortunate events this year we are going to be really close, and I would like nothing more then to be able to maximize our chances to qualify for this deduction (increase our 401K, go ahead and have procedures we are going to need anyway, etc.)

I would like to make sure I am calculating our AGI correctly - is it just gross income - nontaxable deductions (401k and HSA) = AGI?

I am also assuming that our HSA reimbursements must be subtracted from total yearly healthcare expenses?

MDM

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Re: health care expenses
« Reply #1 on: October 06, 2015, 03:03:58 PM »
I would like to make sure I am calculating our AGI correctly - is it just gross income - nontaxable deductions (401k and HSA) = AGI?
Could be.

Best way to check is to go ahead and fill out Form 1040 for 2015 now.

You should be able to use your 2014 return as an example.  Does that seem doable?

Proud Foot

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Re: health care expenses
« Reply #2 on: October 06, 2015, 03:38:14 PM »
From the 2014 forms the AGI is line 38. Look at your 2014 return as an example and then fill out a rough 2015 version.

Also remember that you can only deduct the healthcare expenses that exceed 10%* of AGI.  *If you or your spouse was born before 1/2/1950 this is 7.5%

You are also correct that you should not include expenses that have been reimbursed from your HSA.

bye-bye Ms. FancyPants

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Re: health care expenses
« Reply #3 on: October 16, 2015, 10:47:50 AM »
From the 2014 forms the AGI is line 38. Look at your 2014 return as an example and then fill out a rough 2015 version.

Also remember that you can only deduct the healthcare expenses that exceed 10%* of AGI.  *If you or your spouse was born before 1/2/1950 this is 7.5%

You are also correct that you should not include expenses that have been reimbursed from your HSA.

Ouch, did not know it was only what exceeded 10% - damnit!

Thanks for the tips and info everyone.