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Yes, if you itemize deductions on Form 1040 Schedule A, but the deduction may be limited to zero if your adjusted gross income (AGI) is high and your deductible expenses are low.
For example, if your AGI is $40,000 and your medical and dental expenses are $4,000, your deduction will be limited to $1,000: $40,000 AGI x 7.5% = $3,000 threshold. $4,000 expenses minus $3,000 threshold = $1,000 deduction.
See the attached link for a list of expenses that qualify for the medical and dental expense deduction.
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Can medical bills from an accident be claimed on taxes if there was a settlement?
Not if the settlement is medical expenses is more than the actual medical expense were. If the expense have already been deducted on your income tax return and you receive a settlement after that then you will have some recovery income that will have to be reported as income on your income tax return.
Are taxes deducted from gross income or net income?
Gross income is generally your total income. Net income is what you actually end up with to pay your bills. Gross income minus taxes & other deductions (such as disability insurance) equals net income.
What type of income is left after all bills have been paid?
profit
Does bills payable go on the income statement?
Answer:No. The income statement shows revenues and expenses. Bills payable is a liability (the company has an obligation to pay), and is included on the credit (right) side of the balance sheet.
Can the IRS take my tax return for past due medical bills?
No
Can medical bills from an accident be claimed on taxes if there was a settlement?
Not if the settlement is medical expenses is more than the actual medical expense were. If the expense have already been deducted on your income tax return and you receive a settlement after that then you will have some recovery income that will have to be reported as income on your income tax return.
Are taxes deducted from gross income or net income?
Gross income is generally your total income. Net income is what you actually end up with to pay your bills. Gross income minus taxes & other deductions (such as disability insurance) equals net income.
Can medical bills be deducted from taxes?
If they meet the requirements. In most cases you have to reach a certain percentage of income before they can be deducted, something along the lines of anything that is over 2.5% of total income can be deducted. Consult the tax forms, a tax attorney or an accountant for specifics.
Income information for dance?
If you are paid to dance, you must report the income on your tax return. This includes the dollar bills that your customers stuff in your underwear.
Can you file taxes for legal and medical bills if on SSI?
If you want to file a tax return YES you can. SSI (supplement security income) would not be taxable income that you would report on your 1040 income tax return. If you do NOT have any taxable worldwide income that you are required to report on your federal 1040 income tax return it would NOT benefit you to file a federal income tax return and you would NOT meet any of the MUST FILE A INCOME TAX RETURN requirement's. If you want to file a tax return YES you can.
Can you write dental bills off on your taxes?
Yes. On your schedule A you can include your dental bills as medical expenses.
Can you deduct from your taxes money given to elderly parents to help supplement their lack of income and or pay their medical bills?
No deduction on your income tax return for the gifts to your parents.
Can I claim my children as dependents on my tax return if my income was from unemployment benefits?
Unemployment income does not effect your dependents and your ability to claim them on your return. As long as you meet the other requirement to claim your children then you can certainly claim them.
Do Dental bills have statute of limitations?
Dental bills, like all debt, have statutes of limitations. However, they vary based on the jurisdiction.
What if after wages have been deducted from your check and you dont have enough money to pay your bills?
well after wages having be taking from and i still dont no money for bills
Are children responsible for deceased parents dental bills in Oregon?
The estate is responsible for all the debts of the deceased including dental bills. The children are not required to pay them from their own pocket.
How big of a discount could I get for treatment if I have dental insurance?
This depends on what dental insurance you have. You could get up to a 100% discount. Most insurance companies will pay the majority of your dental bills.
