Photo Friday- Taxes and Deducting Medical Expenses

The deadline for filing federal and state taxes on a personal level is April 17th!

I keep meticulous records of all of my expenses.

As of 2013, if your medical costs are more than 10% of your Adjusted Gross Income (AGI) you can deduct them. So if you made $40,000 last year and your medical bills totaled $5,000, that’s 12.5% of your income. You can claim over 10%, so in this case you can deduct $1,000 (or 2.5% of your total medical bills), you can claim a deduction for $1,000. A deduction means more money in your pocket or less money that you will have to pay the government, depending on your situation.

Thanks to @Jamie Valendy for providing this link to explain the process further: https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/-Can-I-Claim-Medical-Expenses-on-My-Taxes-/INF14196.html

The average person doesn’t spend 10% of their income on managing their health. Those with chronic illness find the cost to keep them semi-healthy can be difficult to manage, even causing bankruptcy over the pile of bills that can’t get paid.

I started my taxes and calculated all medical expenses, which includes travel, copays, medications, Botox, monthly premiums, etc. 28% of my income went to paying medical bills. It makes me so sad, but it does help when refund time comes through.

I’m not an accountant, but wanted to make people aware that you can use your medical expenses as a deduction on your taxes if you feel like you are spending more than 10% of your income on medical related issues.

Posted in

Migraine Takes. But It Also Gives Sometimes.

July 12, 2017

My eyes were full of tears so many times in June for different reasons. Sometimes because of my own pain, but more often due to the stories of others that I have had the privileged to know. I’ve seen the despair of a life with migraine disease, robbing those of the future they had envisioned.…

Photo Friday- Write Like You’re Running Out of Time

March 17, 2017

I am a HUGE fan of the musical Hamilton. There’s a line that is repeated throughout the score: “Why do you write like you’re running out of time?” Alexander Hamilton kept immaculate records and diaries and used the written word to compel others to see his viewpoint. I may not be writing to fight for…

Going Dark

March 8, 2017

Over the last hour, I’ve been watching an amazing sunset. We have a wall of windows and a sliding glass door that leads out onto a huge balcony. The sunsets in California are out of this world. As the sunset progressed, a huge cloud sat right above the mountains and the ocean, creating some magnificent…

Leave a Comment

You must be logged in to post a comment.