03-16-2006, 06:38 AM
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 Re: Deducting medical expenses Ted wrote: - quote - > My medical expenses are in excess of 7.5% of my income.
There are no medical expense deductions allowed on Schedule> However I also have self employment income that will cover > most of my medical expenses. > Can I deduct the portion over 7.5% AND make the SE > adjustment, or is it choose one? > If I make the SE adjustment and that puts my medical under > 7.5%, can I still claim an exemption from an IRA penalty > because my medical expenses are over 7.5% of my income, > since they were over 7.5% before the SE adjustment? > Hopefully this is my last question for a while; thanks for > your help. C. If you have a medical plan under your business, you are allowed to take a deduction from gross income for the health insurance premiums paid for you, your spouse and your dependents. Your unreimbursed medical expenses may only be deducted on Schedule A. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-15-2006, 08:47 AM
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| Deducting medical expenses My medical expenses are in excess of 7.5% of my income. However I also have self employment income that will cover most of my medical expenses. Can I deduct the portion over 7.5% AND make the SE adjustment, or is it choose one? If I make the SE adjustment and that puts my medical under 7.5%, can I still claim an exemption from an IRA penalty because my medical expenses are over 7.5% of my income, since they were over 7.5% before the SE adjustment? Hopefully this is my last question for a while; thanks for your help. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| deducting, expenses, medical |
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