PREPARING FOR TAXES

I HAVE A FEW QUESTIONS ABOUT TAX DEDUTIONS AND HOW IT WORKS FROM WHAT I UNDERSTAND ANY MEDICAL EXPENSES OVER 7.5 % OF YOUR GROSS INCOME IS DEDUCTABLE. IS THE ENTIRE AMOUNT OVER 7.5 % DEDUCTABLE OR IS IT A PORTION OF IT THAT IS? SAY FOR EXAMPLE MY GROSS INCOME IS 60,000. 7.5% OF THAT IS 4200.00. AND MY TOTAL MEDICAL EXPENSES ARE 12000.00. IS THE DIFFERENCE BETWEEN 4200.00 AND 12000.00 (7800.00) DEDUCTABLE? I KNOW ITS EARLY FOR TAXES BUT I DONT WANT TO WAIT TO LATE TO GET EVERYTHING IN ORDER. THIS IS THE FIRST TIME WE MAY BE ITEMIZING OUR TAXES. AND I DONT WANT TO GET MY HOPES UP ON A GOOD RETURN IF IM MISUNDERSTANDING THE TAX RULES. THANKS FOR YOUR HELP CINDY

That was my understanding too. I think you got it.. Cindy

Yes, you are correct. Also remember, all dental, percriptions, costs of insurance, deductables, co-pays, out of pocket expenses are also to be added and included in your final number. I got a good refund that year! Take care.

YIPPEEEEE THANKS GUYS. I MAY BE ABLE TO HELP MY SISTER COME UP WITH MONEY FOR HER SURGERY WITH MY REFUND. YEEEAAAAAAHHHHHHH.