0
It gets complex...but in simplest form...it's a percentage of your already adjusted income...not a specific number.
Wiki User
∙ 7y ago
Add your answer:
Earn +20 pts
How much will I get back in taxes from medical expenses?
You won't get money back in taxes, you will get to subtract your medical expenses from your taxes. This will lower the amount of taxes you pay.
How much in medical can you claim on your taxes?
Answer: You can claim all the medical expenses you have incurred as long as they exceed the 7.5% of you AGI (Adjusted Gross Income). Make sure you keep proof of this expenses for at least the next 5 years.
Emancipation from your parents taxes if your not a minor?
At 18 you are an adult and if you no longer live with them or have them pay for your expenses they shouldn't claim you on the taxes.
What form do you I use to claim funeral expenses on taxes?
Funeral expenses are not deductible on a tax return (IRS Pub 502).
You forgot to claim medical expenses on two years of income taxes Can you claim them on the following years?
No. All items on a years reurn must be for that year/accounting period. But you can amend the prior years returns to correct them on a form 1040X. Medical deductions only produce a deduction over a minimum amount, calculated as a percent of AGI, whih many people don't meet.
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
Net monthly income?
Net income is you income before taxes. To calculate take your pay before taxes(which is your gross income) and subtract it by the amount of taxes you have paid.i.eYou earned $200.00taxes paid -$ 50.00Net Income $150.00
If you win a lawsuit and have to reimburse the insurance company for medical expenses can you deduct those medical expenses?
You should be able to claim the medical expenses against your income tax, but there are limitations. You may have to claim them for the year that they were incurred. Which may mean you have to re-file taxes for that year. And Medical deductions are subject to a percentage offset. Consult your attorney, who should tell you when you get your award, or consult a tax expert. I gather what happened is you had medical expenses that were originally paid by (say your) insurance company. And instead of subrogation, you continued the lawsuit and won. The money you won had to be returned to the insurance company that already paid you for it (recovered). It is all going to offset - you can't deduct the medical expense unless you claim the income from the insurance company paying you for the lawsuit. But, the easiest handling would be just like any other covered medical expense...your insurance deductible and such costs are income tax expenses if they are above the minimums (unlikely).
Consider Medical Expenses?
When you are filing free taxes, be sure to consider every possible deduction for which you qualify. Deductions are what allow people to avoid having to pay heavy taxes. One deduction that people frequently miss out on is a medical expense deduction. If your medical expenses total more than 7.5% of your total adjusted gross income, then you will be able to qualify for a deduction on medical expenses. You will be able to write off any expenses associated with your medical care, such as traveling to and from doctor's appointments and the purchase of any medical equipment for your treatments.
Why are there no federal taxes taken from your paycheck?
There are two reasons you may have no federal taxes taken is if you claim exempt on your W4 or if you claim a higher amount of dependents.
What can you claim on your taxes for a donated car?
You can claim the charitable donation amount for the value of the car. The charity should provide a receipt with this amount listed.
Can you write dental bills off on your taxes?
Yes. On your schedule A you can include your dental bills as medical expenses.
