A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Taxes, can anyone answer a hopefully simple question


Posted: Feb 2, 2010

i have a lot and I mean a lot of medical expenses this year. I am hoping this will sorta off set what I actually owe being as I have not paid estimated taxes this year.

I hear you can take 7.5% for medical after your adjusted gross income. Is this AGI you and your spouse's total income and you take 7.5% of that or is that after you are able to take off all deductions and then 7.5% of that? I just do not know what adjusted gross income means. i do good to do transcription!!!!

;

itemize - anon

[ In Reply To ..]
first of all you can only deduct a portion of your medical expenses if you are itemizing your deductions and not taking the standard deduction. If that is the case, then you can deduct any amount of medical expenses over 7.5% of your AGI (you and your husband's wages, interest income, etc.) So if your AGI is $50,000 before any deductions at all then you could deduct any of your medical expenses in excess of $3750. Don't forget you can count all of your mileage to/from as part of your medical expenses.

Thanks, 1 more thing - AGI

[ In Reply To ..]
I am so, so bad with math and if our combined income is say 98,000, then at 7.5% what would be the in excess be then? Thank you SO much.

Nevermind, with my feeble math skills think - i have got it now! Thanks

[ In Reply To ..]
m
One more thing - Happy MT Robin
[ In Reply To ..]
A friend of mine works for H&R Block. She says that even if you don't think your medical expenses are going to meet the criteria for deductions in the federal taxes, to put them all in anyway because they can make a big difference in the state taxes. I'm not entirely sure what she was talking about, as I never have any medical expenses to deduct, but she was pretty adamant about it, so put them all in even if you don't think they're going to do anything for you.
Thanks for that idea, we absolutely have - state taxes here. I have
[ In Reply To ..]
gotten all together except for hubby's and my neighborhood drug store charges and I have over $10,000 so far. Last year was not able to count the medical, this year I will. Trying to do that off setting with every way I can.

Similar Messages:


A Question We All Can Answer. Say Trump Releases His Taxes BeforeSep 16, 2016
(I know, I know - this is too easy) What does the liberal media say next? If you said something like: "WELL, YEAH, BUT THEY'RE STILL BEING AUDITED so we can't rely on them!"... ...you win the Oreo and/or banana of your choice. It's as predictable as Chris Matthews' next leg tingle. ...

There Is Really A Simple Answer To Apr 27, 2017
Trump goes on a tweet storm blaming the democrats for wanting to shut the government down so you and I can't go to national parks because they won't agree to a spending bill.  The democrats don't want to pass a spending bill until they see his taxes and how he would benefit from any bill they put out.   Well that's a no brainer, show the taxes. ...

I Asked A Simple Question Oct 10, 2012
I asked if someone could help me find Romney's tax plan.  Only one person was able to help by sending me to the Romney site after a whole lot of unhelpful comments about my research skills.  Thank you to that person.  (Thank you as well for the other links, I appreciate your effort, but I wanted it straight from the horse's mouth). So, I checked it out, and here is what I found: Make permanent, across-the-board 20 percent cut in marginal rates Maintain cur ...

Question With Probably No AnswerMar 22, 2012
no answer that hasn't already been mentioned here at one time or another."When I am elected," so saith Mitt, "the first thing I'll do is repeal the National Health Care law.""When I am elected," also saith the Mitt, "I'll cancel Planned Parenthood." First on health care---how can one person do that? Would he not need Congressional approval? Last time I looked, the President executed the law; the President is not empowered to repeal the law.On Planned Parenthood two questions: ...

Question And AnswerJun 01, 2014
My husband comes to me and makes a statement (i.e. "I'm going to take a shower now") and gets miffed that I don't "answer" him.  It is a statement, not a question.  If he had said "Do you need in the bathroom; if not, I am going to take a shower now," I would have answered yes or no.  Is he wanting my permission?  I am just not sure how to respond when he makes statements and waits on me to ......... what? His other manner of speaking is to make the statement and t ...

I Seem To Have Gotten An Answer To My QuestionDec 01, 2015
I think this is the answer to my wondering about making up the years of the locust. Seemed to pop out at me and came to be my accident. 2 Peter 3:9 The Lord isn't really being slow about his promise, as some people think. No, he is being patient for your sake. He does not want anyone to be destroyed, but wants everyone to repent. ...

In Answer To Gov't Wondering's Question: I MovedFeb 01, 2012
A system that does away with our antiquated, divisive, polarizing party system. A voting system that works by popular vote, NOT the rigged Electoral College.A government where decisions are not made by the amount of money thrown at them by corporations and special interest groups. Election years where John Q. Public is NOT bombarded with mudslinging, misleading TV ads. Each candidate would be allowed ONE TV ad, and there would be a cap (and a fairly low one, at that) on how much they could spend ...

Mitt Romney's Answer To The Question About Automatic Weapons:Oct 18, 2012
In spite of Governor Romney's mistake in thinking automatic weapons are illegal in the U.S., I was more interested in a more rambling answer about single mothers. I surmise that his completely unstated mental link seemed to be single mothers = poverty = violence. There is one, of course. For POOR single mothers. At least for those of the subgroup of the subgroup of that subgroup who aren't surrounded with good supportive families but are rather living all alone in poverty and are livin ...

This Is So Simple....Dec 30, 2010
How to cut government spending: WHERE TO CUT – DISCRETIONAL SPENDING Unnecessary government programs should be eliminated, such as agricultural subsidies, “corporate welfare,” and tax credits for favored industries.  These programs do not serve the interests of the general public, and the beneficiaries do not need government support.  Agricultural subsidies primarily benefit big agribusinesses and wealthy landowners, for example, while driving up food prices for all ...

SimpleOct 17, 2013
http://www.kickthemallout.com/ ...

Simple LogicOct 11, 2012
this not long ago.  It is funny, but the point is simple and valid.   Father-Daughter Talk A young woman was about to finish her first year of college. Like so many others her age she considered herself to be a very liberal Democrat and was for distribution of all wealth. She felt deeply ashamed that her father was a rather staunch Republican which she expressed openly. One day she was challenging her father on his beliefs and his opposition to higher taxes on the rich & the addi ...

Simple Solution For Conservatives.Oct 14, 2009
If you are unhappy with the current administration, start volunteering your time, put your money where your mouth is, and get more conservatives out to vote in future elections.  If your candidates have the majority of votes, you will get the change you seek.  If your candidates do not have the majority of votes, then you are obliged to abide by the laws set forth by those elected to office by the majority.  That is how democracy works. Having tea parties, holding up offensive si ...

KISS...Keep It Simple Sweeties...Aug 12, 2012
I received this email today...plain and simple...no links to follow: The folks who are getting free stuff, don't like the folks who are paying for the free stuff, because the folks who are paying for the free stuff can no longer afford to pay for both the free stuff and their own stuff. The folks who are paying for the free stuff want the free stuff to stop, and the folks who are getting the free stuff want even more free stuff on top of the free stuff they are already getting! Now...The ...

Simple But Intriguing Tax Plan -Jan 10, 2013
Louisiana Gov. Bobby Jindal is proposing to eliminate Louisiana’s income and corporate taxes and pay for those cuts with increased sales taxes, the governor’s office confirmed Thursday. The governor’s office has not yet provided the details of the plan. “The bottom line is that for too long, Louisiana’s workers and small businesses have suffered from having a state tax structure that is too complex and that holds back economic prosperity,” Jindal said in a statement released by ...

Almost Mother's Day And Asked For SimpleMay 08, 2013
Going out of town for awhile in a couple of months, coming back in on a Sunday night around 8:30. I asked my daughter if she could pick me up. I would call her as soon as the plane landed so she would not have to wait and just pick me up in front. She responded that she would have to take the next day off from work because she would be too tired. I asked her if she was saying she had to be off for picking me up and her response was "if you want my help you get it my way." I told her to not bothe ...

Just A Simple Observation/double StandardFeb 21, 2012
When my state voted on whether or not to be a right-to-work state, I had so many democrats yells at me and tell me that if I didn't like unions, I should look for a job elsewhere.  Well...how about this.  If ya'll don't like that Catholic institutions don't provide birth control, you should look for a job elsewhere.  Just a thought.  ;) ...

Simple Recipe Little Kids Will Like On Thurs?Nov 23, 2009
Most of my kid guests won't eat my delicious meals with the whole usual holiday dinner menu. Anyone else change their menu for fussy little kids so they can participate instead of just saying, "Yuck!"? ...

A Simple Law That Would Completely Disrupt The EntrenchedSep 08, 2016
"No financial contribution, to include contributions-in-kind, made by any individual, group, organization or other entity to promote the candidacy of any candidate for office shall exceed $100 in total in any calendar year, whether made directly to such candidate or to any organization that has been established for the purpose of electing such candidate." In other words, no one and no corporation, union, etc. can donate more than $100 per year to elect (or defeat) any candidate, whether it� ...

What Are The Simple Things That Make You HappyOct 21, 2013
Okay, first my name is not Sue, but thought it had a nice ring.  LOL What are the simple thinkgs in life that make you happy.  I was thinking of this the other day actually when I was brushing my teeth and I was so happy cos I found a great toothbrush (I hope it never wears out LOL). Here's what makes me happy: 1.  A really nice toothbrush that feels so good to brush - Mine is from the dental hygeinist brand is GUM. It is so so soft. 2  A really nice moisturizer that ...

One Simple Step Trump Can Take That Would ChillNov 20, 2016
He should arrest a few of the CEO's of companies that are violating the law by employing illegals. Throw these greedy profit-driven scofflaws in prison, levy huge fines against their companies, and the rest will quickly get the message, you can be sure.  Rationale:  We're asked to believe that most illegals come to the US to find work.  If this is true, and it may be, then cutting off the jobs would both damp down the influx of new arrivals AND would likely cause the se ...

A Simple $25 Blood Test Can Identify Every Virus You've Ever HadJun 13, 2015
I would enjoy having that info.http://www.usatoday.com/story/news/2...-had/28531509/Blood tests can reveal a lot about you, from your suicide risk to your need for antibiotics. Now, researchers at Howard Hughes Medical Institute say a simple blood test can identify every virus you've ever had.From just a single drop of blood, VirScan can detect the remains of more than 1,000 strains of 206 viruses that are infecting or have ever infected a patient, Discover reports via a Science study.The c ...

Obama's Paris Agreement In Simple TermsJun 02, 2017
Today the Obama Administration will sign the Paris climate agreement at a ceremony in New York, a move that is projected to severely impact the U.S. economy with ironically negligible impacts for the environment. The agreement will not only set the stage for increased regulation, but will crush U.S. economic output, reduce household income for millions, and likely lead to hundreds of thousands of lost jobs.     The agreement is a product of the 2015 United Nations Climate Change Con ...

Tools Of Foreign Policy. Short, Simple. Read And The LastSep 10, 2013
[Note a president's 3 tools to conduct foreign policy below: Diplomacy, foreign aid, military force. We think we know about the diplomacy and military force in play right now. If we don't also somehow help Syria pay for compliance, directly or indirectly (foreign aid), I'll eat my W2.] The term foreign policy refers to a state’s international goals and its strategies to achieve those goals. Foreign policymakers follow the same five steps with which public policy g ...

The Collapse Of Real Media Credibility In 3 Simple Images...Dec 08, 2016
What a difference 4 months makes ... From Meltdown to Total Meltdown to Man Of The Year ... As Fox News notes however, while President-elect Donald Trump was named Time magazine's Person of the Year on Wednesday, the honor basically ended there. While describing Trump as the real change-maker of 2016, the magazine also ragged on the Republican president-elect as a "huckster" and "demagogue" while reserving its most glowing praise for runner-up Hillary Clinton -- whom the edition bre ...

So, More Taxes On The Way?Jan 28, 2013
Congress is poised to clear the final $50 billion chunk of emergency aid for Superstorm Sandy relief Monday — and in one vote, it will have used up all the new tax money President Obama won by raising rates on the wealthy in the “fiscal cliff” deal. The tax deal that Congress and Mr. Obama reached in early January cut taxes overall but let them rise on individuals making more than $250,000 a year and families with income of more than $300,000. Those increases brought the government som ...

How To Build A Small Simple Deck; Can You Recommend A Good Website?Nov 12, 2009
n/m ...

IRS Commissioner Can't Do His OWN Taxes....Jan 11, 2010
He said he has to get a tax preparer to do his taxes for him because they are so complicated!!  DUH!!!!  If the IRS tax commissioner cannot do his taxes, get a clue GOVERNMENT!! Either do away with all the garbage or just do flat taxes and be done with it..... ...

Bank Taxes?Jan 16, 2010
Okay..so President Obama wants to start having taxes for the banks because he feels that these banks should pay back us taxpayers because we bailed them out.  Now...how smart is that considering that the banks are going to pass those taxes onto us and so basically taxpayers will be paying the taxes of the banks so the banks can pay the taxpayers back.  Now does that make a whole heck of a lot of sense!!!!?  Sheesh.  The only reason we bailed certain banks out anyway is becaus ...

Indisputable, Taxes Have Gone Down...smMar 27, 2010
under the Obama presidency, so says Forbes.  Yes, that is what I said ye members of the Tea Party and pubs et al. ...

An Avalanche Of TaxesMar 31, 2010
An interesting article.   http://www.rightsidenews.com/201003299297/editorial/america-prepare-for-an-avalanche-of-taxes.html     ...