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What is the medical bill allowance. I am considering paying…

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What is the medical bill...
What is the medical bill allowance. I am considering paying off several medical bills, Dentist bills and getting braces. I claim with my spouse and 3 children. My question is at what point will we start getting a tax credit and approximately how much? And does dental count as medical
Submitted: 2 years ago.Category: Tax
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Answered in 57 minutes by:
2/14/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,845
Experience: Taxes, Immigration, Labor Relations
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Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or payments for treatments affecting any structure or function of the body.

Yes - Dental expenses are included into medical.

If you itemize your deductions for a taxable year on Form 1040, Schedule A, Itemized Deductions, you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse, and your dependents. You may deduct only the amount of your total medical expenses that exceed 10% of your adjusted gross income or 7.5% if you or your spouse is 65 or older.

Let me know if you need any help with reporting.

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Customer reply replied 2 years ago
if we make 70,000 this year it would start after 7,000. What % could we get back?
Customer reply replied 2 years ago
My question is if I pay $15,000.00 on medical bills , what would I be able to get back.
Tax Professional: Lev, Tax Advisor replied 2 years ago

As a rough estimate -

If you are have $70000 gross income - and filing using MFJ status - married filing jointly -

you are likely in 15% tax bracket (for taxable income between $18,450 to $74,900)

Assuming you itemize and your itemized deduction is more than your standard deduction.

You will report medical expenses on schedule A

https://www.irs.gov/pub/irs-pdf/f1040sa.pdf

line 1 = $15,000

line 2 = $70,000 - that is your adjusted gross income (AGI)

line 3 = $8000 - deductible medical expenses which will be included into itemized deduction

As you are in 15% tax bracket - your estimated tax saving woudl be

$8000 *15% = $1200.

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