Welcome New User! ( Create Account | Sign In )
Question

Submitted 306 days ago...

billsbus

billsbus

New User (5)

Medical costs

I am retired and will soon receive a 1099R form. Will I be able to claim medical expenses, dr. visits, and costs of medicine and diabetic testing supplies.

 
 
 
Answers

Awarded Answer (What’s This?)

Answer 1 / 3

Submitted 306 days ago...

Ruchele

Ruchele

Brain (3,118)

Here is the link to the IRS medical deduction page. It tells you what you can and cannot deduct. Dr. visits, prescriptions, supplys, and gas to and from the doc are deductible up to a total of 7.5% of your gross income.

http://www.irs.gov/publications/p502/ar02.html#d0e244

 

Answer 2 / 3

Submitted 306 days ago...

gmc

gmc

Beginner (19)

Medical expenses in EXCESS of 7.5% of your adjusted gross income are deductible. So, if your income is $10,000, you can deduct medical expenses that exceed $750. But you must itemize dedcutions as they are reported on Schedule A- Itemized Deductions. Additionally, you cannot deduct expenses that were reimbursed by insurance.

 

Answer 3 / 3

Submitted 306 days ago...

airforcemom

airforcemom

Expert (822)

Instead of a W-2, you get a 1099R, no difference. You still file the same with the same deductions.

 

This Question was awarded 226 days ago therefore you can no longer post an Answer. However you may post a comment below.

 
Comments
 

Comment 1 / 1

Submitted 226 days ago...

billsbus

billsbus

New User (5)

Thanks to those who responded. Sorry to take so long to get back. I'm new, so please bear with me.

 
 

Add A Comment

Email Subscriptions
Author adds clarification
All new responses

Related Questions
 
Congratulations!
Ruchele

Ruchele

Brain (3,118)

Ruchele answer was awarded and will earn ongoing royalties from this thread.

How This Works?