I wouldn't be able to hire a tax preparer and wish to do it on my own. Will you guys get me a list of things that I need to remember when it comes to my insurance deductions?
Total Comments: 7
Posted: Mon Apr 19, 2010 02:15 pm Post Subject:
Your kidding, right?
How about www.irs.gov for a full list.
and wish to do it on my own.[/b]
Will you guys get me a list of things
I'm no expert but when it comes to health insurance I think you need a minimum on something like $2000 unreimbursed expenses before you can claim. These things change every year though.
Posted: Mon Apr 19, 2010 07:56 pm Post Subject:
Actually, to claim itemized deductions for medical expenses, including non-H125 premiums, total expenses must first surpass 7.5% of AGI, and then only the excess is deductible.
So if AGI is $100,000, all deductible medical expenses must be more than $7,500. Only the amount over $7,500 is deductible. Because most people use pretax money to pay medical insurance premiums, they rarely reach the 7.5% threshold, unless they are very unhealthy or have a large and unhealthy family.
Almost all other "insurance deductions" are disallowed if you're not self-employed or incorporated.
Posted: Wed Apr 21, 2010 11:11 am Post Subject:
Have you decided whether to choose the actual expenses as deduction or if you'd like to choose the mileage deduction? Once you'd choose the actual expenses deduction, you will not be able to choose your mileage deduction in the following returns.
Posted: Thu Apr 22, 2010 11:42 am Post Subject:
It would be great if your medical expenses could be treated as 'deductible'. Your dental or health insurance costs could often be regarded as deductible. But yes, it depends on your income level.
Posted: Fri Apr 23, 2010 10:29 am Post Subject:
Make sure that you mention the benefits derived from unemployment insurance. Such benefits are considered to be "taxable income". Mention such benefits if you've received them during the year that you're filing your tax for.
Posted: Sat Apr 24, 2010 05:10 am Post Subject:
You don't need to report your worker's compensation insurance benefits under the income head. It's not considered as your taxable income.
Posted: Sat Apr 24, 2010 05:54 am Post Subject:
Also don't report any amount that your insurer reimburses on account of theft and casualty.
Posted: Mon Apr 19, 2010 02:15 pm Post Subject:
Your kidding, right?
How about www.irs.gov for a full list.
and wish to do it on my own.[/b]
Will you guys get me a list of things
I'm no expert but when it comes to health insurance I think you need a minimum on something like $2000 unreimbursed expenses before you can claim. These things change every year though.
Posted: Mon Apr 19, 2010 07:56 pm Post Subject:
Actually, to claim itemized deductions for medical expenses, including non-H125 premiums, total expenses must first surpass 7.5% of AGI, and then only the excess is deductible.
So if AGI is $100,000, all deductible medical expenses must be more than $7,500. Only the amount over $7,500 is deductible. Because most people use pretax money to pay medical insurance premiums, they rarely reach the 7.5% threshold, unless they are very unhealthy or have a large and unhealthy family.
Almost all other "insurance deductions" are disallowed if you're not self-employed or incorporated.
Posted: Wed Apr 21, 2010 11:11 am Post Subject:
Have you decided whether to choose the actual expenses as deduction or if you'd like to choose the mileage deduction? Once you'd choose the actual expenses deduction, you will not be able to choose your mileage deduction in the following returns.
Posted: Thu Apr 22, 2010 11:42 am Post Subject:
It would be great if your medical expenses could be treated as 'deductible'. Your dental or health insurance costs could often be regarded as deductible. But yes, it depends on your income level.
Posted: Fri Apr 23, 2010 10:29 am Post Subject:
Make sure that you mention the benefits derived from unemployment insurance. Such benefits are considered to be "taxable income". Mention such benefits if you've received them during the year that you're filing your tax for.
Posted: Sat Apr 24, 2010 05:10 am Post Subject:
You don't need to report your worker's compensation insurance benefits under the income head. It's not considered as your taxable income.
Posted: Sat Apr 24, 2010 05:54 am Post Subject:
Also don't report any amount that your insurer reimburses on account of theft and casualty.
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