pepperdoo
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Post by pepperdoo on Sept 26, 2014 14:42:48 GMT -5
I recently got accepted into the Covered California insurance exchange. Up until recently, I'd been paying over $400 for medical and dental insurance for one person, now down to $125.00 for both. In between this, I have learned that all of those expensive premiums, and every copay, medicine and every procedure and my share of costI had to pay for can be claimed on my taxes for this year, as long as I do a schedule A. This is all deductable on the federal side of your tax return.
So, to the person who made a very smart ass remark to me and talked down to me forcing me to what I thought was a decent person, never talk bad or make cutting remarks about anything unless you know what you're actually talking about.
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Deleted
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Post by Deleted on Sept 26, 2014 14:47:02 GMT -5
I'm not sure I quite understand your post? But i'm eager for more details! ( I don't like popcorn...)
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pepperdoo
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Post by pepperdoo on Sept 26, 2014 15:04:41 GMT -5
oped, I am currently out of work, and was forced to pay $400 a month for an individual medical policy that covered nothing, so I applied for Covered California, got accepted and now my bill is $125.00 for both medical and dental. Not so long ago, someone made a very snide remark to me in private about I get what I deserve for the way I "voted", but, in the mean time I have had my tax accountant research what can be claimed on my taxes. So, I will be claiming every premium, every prescription, copay and procedure on my taxes and will get back over 90 % of what I paid out during 2014.
The remark caused me to someone who was what I thought was my friend of over 3 years, no matter what the subject matter was.
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Deleted
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Post by Deleted on Sept 26, 2014 15:16:37 GMT -5
Thanks for explaining. I'm sorry you lost a friend!
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The Captain
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Post by The Captain on Sept 26, 2014 15:20:31 GMT -5
Pepperdo - umm. You may want to check with your accountant again. Medical and dental expenses are deductible only to the extent they exceed 10% of your AGI. I'm presuming if you are worried about deductions you had a decent amount of taxable income before your situation changed. www.irs.gov/publications/p502/ar02.html#en_US_2013_publink1000178947"How Much of the Expenses Can You Deduct? Generally, you can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 10% of your AGI. But if either you or your spouse was born before January 2, 1949, you can deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI. "
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❤ mollymouser ❤
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Sarcasm is my Superpower
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Post by ❤ mollymouser ❤ on Sept 26, 2014 15:37:29 GMT -5
$125 a month for health and dental insurance sounds like a good deal ~ I am glad you found something that works for you. I hope that you find the choice of providers, copays and coverage will fill your needs nicely. Are you looking for another job?
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pepperdoo
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Post by pepperdoo on Sept 26, 2014 17:46:45 GMT -5
Hey Molly, how are you? Yes, it exceeds my AGI by a way more than 10%, and yes, I am currently looking for work.
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pepperdoo
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Post by pepperdoo on Sept 26, 2014 17:56:45 GMT -5
I had to pay cash and full price because none of my meds were covered, and 2 of them exceeded $100.00 a month. so, on average, $515.00 a month for 7 months, I had said I already double checked with my accountant, and yes, I can deduct all of it. I have already gone over the amounts with her before I posted this.
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Post by The Walk of the Penguin Mich on Sept 26, 2014 19:35:02 GMT -5
You can deduct the amount that exceeds 10% of your AGI, not the whole thing. So if you were paying $515/mo for 7 months, you have nearly $4000 in expenses. If your AGI is $36,000, 10% is $3,600 which means you can deduct $400.
When I was sick, my medical expenses exceeded $13,000 and my AGI was about $50,000. This was a couple years ago, where you only had to deduct 7.5% (it's now 10%) of your AGI so I had to subtract $3,750, so had a $9250 deduction. That gets added to my other deductions (paid state tax, charitable contributions) and it exceeded the standard deduction...which is around $6000 for a single person....so I could deduct it.
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mmhmm
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It's a great pity the right of free speech isn't based on the obligation to say something sensible.
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Post by mmhmm on Sept 26, 2014 20:14:47 GMT -5
I recently got accepted into the Covered California insurance exchange. Up until recently, I'd been paying over $400 for medical and dental insurance for one person, now down to $125.00 for both. In between this, I have learned that all of those expensive premiums, and every copay, medicine and every procedure and my share of costI had to pay for can be claimed on my taxes for this year, as long as I do a schedule A. This is all deductable on the federal side of your tax return. So, to the person who made a very smart ass remark to me and talked down to me forcing me to what I thought was a decent person, never talk bad or make cutting remarks about anything unless you know what you're actually talking about. You GO girl!
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TheOtherMe
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Post by TheOtherMe on Sept 26, 2014 21:46:39 GMT -5
Will you be able to itemize? You will be able itemize your deductions like interest, taxes, etc.if they are in excess of $6200 if single, $9100 if head of household or $12,400 if married filing jointly.
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pepperdoo
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Post by pepperdoo on Sept 26, 2014 22:56:50 GMT -5
You can deduct the amount that exceeds 10% of your AGI, not the whole thing. So if you were paying $515/mo for 7 months, you have nearly $4000 in expenses. If your AGI is $36,000, 10% is $3,600 which means you can deduct $400. When I was sick, my medical expenses exceeded $13,000 and my AGI was about $50,000. This was a couple years ago, where you only had to deduct 7.5% (it's now 10%) of your AGI so I had to subtract $3,750, so had a $9250 deduction. That gets added to my other deductions (paid state tax, charitable contributions) and it exceeded the standard deduction...which is around $6000 for a single person....so I could deduct it. My AGI is nowhere even near $36K, but I will say it takes up more than 40% of my AGI. That's why frugality plays such an important part in my Life
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pepperdoo
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Post by pepperdoo on Sept 26, 2014 23:00:23 GMT -5
Will you be able to itemize? You will be able itemize your deductions like interest, taxes, etc.if they are in excess of $6200 if single, $9100 if head of household or $12,400 if married filing jointly. Yes, I will be able to itemize, and I will file Single because I am widowed. My total expenses for the end of the year will amount to over 5K. for just medical and dental. It doesn't include property taxes, and the rest of the money I will pay out before December 31, 2014.
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❤ mollymouser ❤
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Sarcasm is my Superpower
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Post by ❤ mollymouser ❤ on Sept 27, 2014 13:00:09 GMT -5
Pepperdoo ~ I'm fine, thanks for asking. Working on getting healthier (eating better, riding my bike, trying to lose weight) Hopefully you can find new employment soon. I am not sure what you're looking for, but I do know that some retail stores usually surge hiring for the holidays, at least. If we can help with the job hunt, let us know. In the meantime, I'll be thinking good thoughts and praying that you get just the job you need
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