Tax Breaks on Medical Care

Tax Breaks on Medical Care, SmartMoney.com, January 4, 2008. Summarizes the rules on deducting medical expenses on your Federal income tax return (assuming you itemize deductions). Includes the following clarification regarding deductibility of medical expenses you paid for a parent or grandparent: “Do you pay medical expenses for a dependent parent? If so, you can add those expenses to your own for itemized-deduction purposes. To be your dependent, however, over half of your parent’s support for the year must be paid by you. If you pass the support test, you can include medical expenses paid for your parent even if you can’t actually claim your parent as a dependent on Form 1040. (You can’t claim a parent as a dependent if he or she files jointly or has over $3,500 of gross income for 2008). While you must still clear the 7.5% of AGI hurdle to claim an itemized deduction on Schedule A, including your parent’s expenses in the pot may help.”

»View Details

Share

Comments are closed.

.............................................................................Back to Top...

Login to Post Comments



Register & Login above to post comments. Click here for Help. To join a Support Group, Register/ Login at CaregiversLikeUs.
ADVERTISEMENT:

The Fifteen Newest Updates on HelpingYouCare® As Of Today

New Posts on HelpingYouCare® by Day or Month

September 2016
M T W T F S S
« Dec    
 1234
567891011
12131415161718
19202122232425
2627282930  

Survey/ Opinion Poll

Participate in a brief
Survey/ Opinion Poll »

We publish the results of our periodic Surveys & Opinion Polls, anonymously. See Survey/ Opinion Poll Results ».

Contribute Content

Write and contribute articles, posts, or other content to this Site, or share links to useful information & resources you have found with the HelpingYouCare® Community.
Read How…

If you find any broken links on this Site, we will appreciate your reporting them to us:

Report Broken Links