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Tax deductions for medical expenses?
I have an HDHP through my employer so I opened an HSA at my bank. If my out of pocket medical expenses is greater than 7.5% of my adjusted gross, can I take both the HSA deduction on my 1040 and the allowable medical expense deduction on my Schedule A?
To kckid2 - Your wrong. The amount contibuted to an HSA can be deducted from gross income (2009 1040 line 25). That is the whole point of an HSA. What I would like to find out is can I claim that deduction and the Scehdule A deduction (if I qualify).
2 Answers
- Anonymous1 decade agoFavorite Answer
Expenses paid from or reimbursed by the HSA are not deductible. Out of pocket expenses not reimbursed are deductible
- 1 decade ago
There is no limit to how much your expenses need to be. I claim my medical every year.. you save all the receipts of co-pays you paid to your doctor and hold onto the receipt from any and all co-pays you pay for your medicine.. it is all able to be claimed.
