Medical bill turned over to collection agency...?
...I've been making payments to the collection agency. Can I claim that as a medical supposition on my tax return? (It will exceed 7.5% of my gross income).Answers: You phrased this curiously at the close.
You can deduct the expense as medical.
The bit around 7.5% is aggregate meaning you can also take off a great many medical expenses and they adjectives add to this expense and that exceeds the 7.5% and individual the excess is deductible, meaning, if your ceiling is 5,000 dollars and you expense is singular 7,000 dallars, you only seize to deduct 2,000 dollars as medical expenses. Please bring up to date me that you are not using the ceiling as a check off to enunciate unless something is that big you can't deduct it. You do not bring to deduct the full amount unless your AGI is nothing.
The amount you actually compensated in 2007, not including any interest, fees or penalty, can be taken as a medical deduction subject to the common 7.5% limitation, if you itemize.
My boyfriend get someone to do his taxes near the serious newspaper form using his finishing check stub and mail it to the?
irs 3 weeks ago but i told him i think he be supposed to wait until he have his w-2 to send it stale ,so i want to know if he can file minus his w-2Answers: The answer to your question is yes he can record a return with out a W-2. However, the IRS will not process them until at tiniest Feb. 15th.. And, even then it must own an additional form attached and it will deferment the return in some cases (not all).
So contained by other words his return has be sitting in limbo since he file it.
If the substitute W-2 wasn't filed afterwards he will get a missive requesting it before they will process the return. That would be another hindrance. But, they will not send support the actual return filed.
When you wallet a paper return you are supposed to attach the W-2's to the return.
If he mail the tax return lacking the W-2, it will either be mail back to him or it will be processed, but lacking his withholding.
If he gets a bill instead of a box back, you'll know. He can dispatch in the W-2 at that time.
Shame on him for not waiting until he have the W-2. A 2 month delay while this get sorted out will teach him to hold more patience.
I used my finishing pay stub. Its fine if you know what your are doing. Using the stub isn't as straightforward as the W2 - at hand are a few adjustments which the entity would have to kind. So its a risk, but its also not rocket science just simple math. So, I'm sure it will be fine. Mine be approved by the IRS and has be mailed.
Tax question?
I am planning on itemizing, is the rule 2% of adjusted income?Can I claim the following:
1- COBRA Insurance payments
2-Co reward for office visit
3-Co pays for prescriptions
4- Expenses paid to dentists, or eye doctors, contact lenses that insurance did not cover
5- Is nearby a table of values for items donated to charity?
I donated a lot of items, however the receiving I was given only just listed number of heaps of clothing / shoes/ household items, no breakdown.
6- I have donated currency to different charities and do not have receipts, if I claim them, do i involve to have receipts for nearly 300 in lolly donations ?
Thanks for your help : )
Answers: I'm not clear what rule you're asking roughly speaking with 2% of in step income, so I can't answer that. All I do know is that if you don't have mortgage interest, closely of medical. donations & other write-offs to total as much as the Standard Deduction you can take, you're better bad not itemizing.
Yes - you should add up adjectives the medical things you list within your 1-, 2-, 3- & 4-, BUT - the total of all your medical expenses must be over 3% (I'm not positive if its still 7% or not, I've never have enough to qualify even beside eyeglasses, dental, LTC & health insurance premiums, prescriptions, wrist supports for tendonitis, chiropractic appointments, etc.) of your income surrounded by order for you to detail it on Schedule A/B.
As for charity donations - I do an xls spreadsheet of everything I donate & use the values listed on the Volunteers of America website as a cost reason. (They usually only tender receipts as you describe. It is up to you to keep a index of all the items contained by those bags or boxes you donated.)
On that same spreadsheet I also maintain track of my cash & other charitable donations (time, gas for sports car if I drove, etc.), but I usually have some helpful of flyer, poster, or receipt (even if its the postcard for the can food drive from the US Post Office) that I also keep contained by an envelope. Usually, that portion of mine doesn't total over $200 & I do have postcards or parcels from companies seeking my help. I've never be audited, but I've got them surrounded by case I am.
By the mode, the total of any non-cash contributions cannot exceed $500.
Hopefully, you have other things to aver on your Schedule A/B so it totals more than the Standard Deduction. If not, then purely do the straight 1040 & take the Standard.
Good luck!!
You can claim COBRA, co-pays for any medical assistance, any medical expenses that insurance did not cover after 7.5% of your adjusted gross income. If you spent smaller quantity than 7.5% of your AGI, you cannot claim it.
There isn't a table of donation values. You have to turn surrounded by a receipt for the donations, which will include an estimated significance of the item. If you have a reception with no amount, estimate its helpfulness. If you don't have a unloading for the donation--cash or otherwise--you cannot claim it. Just keep within mind, you can't claim a bag of clothes at $500--you'll more than promising be audited.
No on the cieling. It is 7.5% on medical
Yes on the Cobra premiums
Yes on the Co Pays
Yes on the Medical expenses
Yes there is a chart available but you should try to procure a receipt from the folks you gave the clothes to and 250 is the maximum beside out a receipt.
As for the brass, again 250 with out receipts.
The first four items you register are valid medical deductions. For medical, you can single take the amount that exceeds 7.5% of your AGI - the 2% is for unreimbursed member of staff business expenses.
For charitable contributions, you need receipts from the charity or fitting bank paperwork for the cash donations.
For donations of clothing or household items, the presumption is the fair souk value at the time of the donation - this would be what the items would provide for in a thrift shop. Some websites for goodwill and helping hand army shops have taster values.