Hello I have spent a little over $1300 on my medications with no insurance in 2012, and I am very sure that I made less than $15000 total last year because my hours worked varied considerably for about 2 and a half months. So how do I go about getting those expenses deducted when I file online? Is there a certain form I need to fill out, or something. Any help or suggestions will be greatly appreciated!!!!! Thanks!!!
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Probably not at all when your standard deduction amount is 5950 for the 2012 tax year during the 2013 tax filing season for this purpose and time in your life. BUT yu will NOT for sure until you do correctly fill out the schedule A itemized deduction during the 2013 tax filing season to see what the final number would end up being at that time of your life.
And then you do not to use the amount as a direct $ amount as you should already know you will have to begin with the schedule A of your 1040 income tax return for this purpose to start with and you will also have some limits to go through before you do get to use the final $ limited amount of your unreimbursed medial expense for this purpose.
Tax Topics - Topic 500 Itemized Deductions
www.irs.gov/taxtopics/tc500.html
Should I Itemize? Topic 501
Generally, you must decide whether to itemize deductions or to use the standard deduction. The standard deduction is a dollar amount that reduces the amount of income on which you are taxed. You should itemize deductions if your allowable itemized deductions are greater than your standard deduction. Some taxpayers must itemize deductions because they cannot use the standard deduction.
You may be subject to limitations on some of your itemized deductions. Please refer to the Form 1040 Instructions or Form 1040, Schedule A Instructions for the limitation amounts.Note: For 2011, taxpayers with adjusted gross income above a certain amount will no longer lose part of their itemized deductions.
For more information on the difference between itemized deductions and the standard deduction, refer to the Form 1040 Instructions, or Publication 17, Your Federal Income Tax. You may also refer to Topic 551 and Publication 501.
Medical and Dental Expenses Topic 502
http://www.irs.gov/taxtopics/tc502.html
If, for a taxable year, you itemize your deductions on Form 1040, Schedule A, 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 by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income. For years beginning after December 31, 2012, you may deduct only the amount by which your total medical expenses exceed 10% of your adjusted gross income. You figure the amount you are allowed to deduct on Form 1040, Schedule A.
You may not deduct funeral or burial expenses, over-the-counter medicines, toothpaste, toiletries, cosmetics, a trip or program for the general improvement of your health, or most cosmetic surgery. You may not deduct amounts paid for nicotine gum and nicotine patches, which do not require a prescription
You can only include the medical expenses you paid during the year. Your total deductible medical expenses for the year must be reduced by any reimbursement of deductible medical expenses. It makes no difference if you receive the reimbursement or if it is paid directly to the doctor, hospital, or other medical provider.
See Publication 502, Medical and Dental Expenses, for additional information. IRS Publications may be downloaded from the IRS.gov website, www.irs.gov, or ordered by calling 800–829–3676.
Hope that you find the above enclosed information useful. 01/20/2013
MadMan
See topic 502 on the IRS website. You can only deduct the amount that is in excess of 7.5% of your AGI.