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Are non insurance covered medical expenses deductible? Are…

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Are non insurance covered...

Are non insurance covered medical expenses deductible?

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

Are expenses I forgot to get reimbursed from my company (6K over 1 year) deductible?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Through out 2017 I missed about 6k in travel expenses, my company says now its too late to submit, I also have about 10K in non covered medical expenses. will these amounts be deductible? it would be greater than my normal deduction as a renter with no minor kids......

Submitted: 2 months ago.Category: Tax
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12/22/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,220
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Happy Holidays!! Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. As for the employee related travel expenses, it may be too late to submit expense reports to the company for reimbursement, however, it is not too late to claim the expenses on the Form 2106 (Unreimbursed Employee Expenses). More on that in the next thread. As for the out of pocket medical expenses, you can only deduct qualified medical expenses that exceed 10% of your AGI. More on that in the next thread...

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Tax Professional: Tax.appeal.168, Tax Accountant replied 2 months ago

Unreimbursed Employee Expenses are categorized under Miscellaneous deductions. In order to claim these and the qualified medical expenses, you would have to itemize. Keep in mind that you want to go the route that renders the best benefit for you. If your standards deduction is higher than your itemized deductions, you want to claim standard deductions. Following is information relating to Misc. Deductions. SEE BELOW:

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Deductions Subject to the 2% Limit

You can deduct certain expenses as miscellaneous itemized deductions on Schedule A (Form 1040 or Form 1040NR). You can claim the amount of expenses that is more than 2% of your adjusted gross income. You figure your deduction on Schedule A by subtracting 2% of your adjusted gross income from the total amount of these expenses. Your adjusted gross income is the amount on Form 1040, line 38, or Form 1040NR, line 37.

Generally, you apply the 2% limit after you apply any other deduction limit. For example, you apply the 50% (or 80%) limit on business-related meals and entertainment (discussed later under Travel, Transportation, Meals, Entertainment, Gifts, and Local Lodging ) before you apply the 2% limit.

Deductions subject to the 2% limit are discussed in the following three categories.

  • Unreimbursed employee expenses (Schedule A (Form 1040), line 21 or Schedule A (Form 1040NR), line 7).

  • Tax preparation fees (Schedule A (Form 1040), line 22 or Schedule A (Form 1040NR), line 8).

  • Other expenses (Schedule A (Form 1040), line 23 or Schedule A (Form 1040NR), line 9).

Unreimbursed Employee Expenses

Generally, the following expenses are deducted on Schedule A (Form 1040), line 21, or Schedule A (Form 1040NR), line 7.

You can deduct only unreimbursed employee expenses that are:

REFERENCE SOURCE:

https://www.irs.gov/publications/p529

----------------------------------------------------

Medical -- SEE BELOW:

If you itemize your deductions for a taxable year on Form 1040, Schedule A (PDF), 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. The 7.5% limitation is effective only from January 1, 2013 to December 31, 2016 for individuals age 65 and older and their spouses. You figure the amount you're allowed to deduct on Form 1040, Schedule A.

REFERENCE SOURCE:

https://www.irs.gov/taxtopics/tc502

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  • Paid or incurred during your tax year,

  • For carrying on your trade or business of being an employee, and

  • Ordinary and necessary.

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