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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2579
Experience:  IRS licensed Enrolled Agent and tax instructor
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On 2015 me and my wife had a total combined income about

Customer Question

On 2015 me and my wife had a total combined income about $110,000.
We are both over 65 and retired.
We had approximately $6,000 in supplementary insurance premiums, prescriptions and dental expenses
Are any of these deductible.
We had used Turbo tax to do our returns but did not take this medical expenses into account.
Can you help?
Submitted: 8 months ago.
Category: Tax
Expert:  emc011075 replied 8 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Yes, insurance premiums, prescriptions and dental expenses are deductible BUT there are limitations.

First, the expenses must more than 7.5% of your adjusted gross income and the medical expenses are deducted as itemized deduction. If your income was over $110K, 7.5% would be $8250, meaning only expenses over $8250 would be deductible. Both at 65+, your itemized deduction is $15,300. You would have to have around 22K in medical expenses to see any difference in tax (assuming you pay some property taxes and or have some charitable donations and such).

Expert:  emc011075 replied 8 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

Expert:  emc011075 replied 7 months ago.

Peter I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.