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If I had spent more than $2,000 in a year on prescriptions for your sick child...will I get the $2,000 w/ my tax return?

 
Anonymous

Asked by Anonymous at 11:30 AM on Mar. 3, 2011 in Money & Work

This question is closed.
Answers (8)
  • Your income will be reduced by $2,000; your taxes will probably be reduced by about $300
    rkoloms

    Answer by rkoloms at 9:48 PM on Mar. 3, 2011

  • You can only claim medical expenses that are over 7.5% of your AGI (adjusted gross income). $64000 is probably a little different than your AGI, but most likely it won't be off by too much so lets use that number. You would only be able to claim medical expenses OVER $4800. And it would be a deduction, so you would not get that money (the over 4800 remember) back, but you would not be paying taxes on that money. Make sense?
    Candi1024

    Answer by Candi1024 at 11:46 AM on Mar. 3, 2011

  • NOPE
    jewjewbee

    Answer by jewjewbee at 11:30 AM on Mar. 3, 2011

  • jewjewbee

    Answer by jewjewbee at 11:31 AM on Mar. 3, 2011

  • I don't think so. It's not a tax credit. It's a deduction if I remember correctly so it would be used to pay your taxes. You only get credits and the taxes you payed in back.
    Anonymous

    Answer by Anonymous at 11:34 AM on Mar. 3, 2011

  • We male 64,000.00 before taxes.
    Anonymous

    Comment by Anonymous (original poster) at 11:34 AM on Mar. 3, 2011

  • *make
    Anonymous

    Comment by Anonymous (original poster) at 11:35 AM on Mar. 3, 2011

  • No. You can only claim the amount OVER the threshold for anything related to medical as it pertains to your taxes.

    We claim medical expenses every year; we include medical premiums, dental premiums, copays, cost of medicine - all the out-of-pocket/nonreimbursable expenses. Last year, it totaled just over $12,000 and we do not get the benefit of claiming all of it; only a small percentage, unfortunately.

    What you can do to offset some of the costs is take advantage of a flexible savings account if your employer offers one.
    Anonymous

    Answer by Anonymous at 11:51 AM on Mar. 3, 2011

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