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Welcome to the site. I'm PDtax, and will be helping you today.
I just got called away. I'll be back in an hour and a half.
OK. I'm here now for 10 minutes or so then will be gone for about 20 minutes
Is the loss of the deduction related to ACA or for some other reason?
I did some independent checking on the IRS website and don't see where the deduction is going away for 2013. Can you give me a citation?
I do see where the deduction is only valid for expenses that exceed 10% vs 7.5% before.
Here are some numbers for us for 2012:
AGI - $58788
Health expense - $18503
Expected health expense with ACA ~$12000.
Assuming the deduction hasn't gone away completely like you said earlier, since we will still exceed 10%, would we still be able to deduct the full amount or is it the amount above 10%?
The bill you are citing refers to a different calculation in self-employment tax I believe. It looks like this bill currently has 0% chance of passing but it isn't really what I was wondering about.
I found this in TurboTax online for 2013. What happens in 2014 - when ACA kicks in - is another question: