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Sure i was wondering in the 2015-2016 tax bracket. i spent…

Customer Question
Sure i was wondering...

Sure i was wondering in the 2015-2016 tax bracket. i spent around $20,000 on medical procedures and hosipital stays etc. is there anyway i can claim any of that back? thank you so much for your help

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

So i paid $4500 for the surgeon, $1250 for the anethetist and just over $13500 for the hospital stay.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I took the money from my super. thats about all.

Submitted: 1 year ago.Category: Finance
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Answered in 23 minutes by:
8/2/2017
Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 year ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,877
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello, My name is***** am a Certified Financial Planning ® Professional. I am also registered with the IRS and have obtained a valid Preparer Tax Identification Number

You are able to deduct medical expenses that exceed 10% of your adjusted gross income.

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Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 year ago

There is a temporary exemption for individuals age 65 and older until Dec. 31, 2016. If you are 65 years or older, you may continue to deduct total medical expenses that exceed 7.5 percent of your adjusted gross income through tax year 2016. If you are married and only one of you is age 65 or older, you may still deduct total medical expenses that exceed 7.5 percent of your adjusted gross income.

This exemption is temporary. Beginning Jan. 1, 2017, the 10 percent threshold will apply to all taxpayers, including those over 65.

Here is a direct link to the IRS

https://www.irs.gov/individuals/changes-to-itemized-deduction-for-medical-expenses

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Customer reply replied 1 year ago
I'm 27, so does this mean I could claim 10 percent?
Customer reply replied 1 year ago
I'm in Australia. So does this apply here?
Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 1 year ago

I apologize, I thought you were in the US. I will opt out.

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Financial Professional: bkb1956, Finance Enthusiast replied 1 year ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 7,004
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
Verified

Different expert here - my name is ***** ***** I will be happy to assist you.

The net medical expenses tax offset is being phased out.

From 2015–16 until 2018–19, claims for this offset are restricted to net eligible expenses for disability aids, attendant care or aged care.

The following links contain excellent information which you will find helpful:

https://www.ato.gov.au/Individuals/Income-and-deductions/Offsets-and-rebates/Medical-expenses/

https://atotaxrates.info/tax-offset/medical-expenses-tax-offset/

Based on the information you provided, you will not be able to deduct your medical expenses.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Financial Professional: bkb1956, Finance Enthusiast replied 1 year ago

Just following up with you to see if you have any other questions. If so, please let me know so I can further assist you.

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