Biggest Tax Refund You've Ever Gotten?

[CubanMustGo]

No if you have insurance then co-pays and insurance deductibles are not tax deductible.

False. Any amount you pay out of pocket (that is not reimbursed by insurance) can be claimed (after deducting 7.5% of AGI). You can even claim your medical premiums, unless they are paid for by your company or you pay for them with pre-tax earnings.

From the same IRS publication:

You cannot include medical expenses that were paid by insurance companies or other sources. This is true whether the payments were made directly to you, to the patient, or to the provider of the medical services.

Amounts you have to pay in excess of what insurance pays, e.g. were NOT paid by insurance, are thus allowed. There are exceptions; if you have a health reimbursement account funded either by your employer or by pre-tax earnings, you cannot deduct anything you are reimbursed for from that account.

[CosmicCowboy]

False. Any amount you pay out of pocket (that is not reimbursed by insurance) can be claimed (after deducting 7.5% of AGI). You can even claim your medical premiums, unless they are paid for by your company or you pay for them with pre-tax earnings.

From the same IRS publication:

You cannot include medical expenses that were paid by insurance companies or other sources. This is true whether the payments were made directly to you, to the patient, or to the provider of the medical services.

Amounts you have to pay in excess of what insurance pays, e.g. were NOT paid by insurance, are thus allowed. There are exceptions; if you have a health reimbursement account funded either by your employer or by pre-tax earnings, you cannot deduct anything you are reimbursed for from that account.

True, but 7.5% of gross per year for the average person is a very high threshold.

[CubanMustGo]

True, but 7.5% of gross per year for the average person is a very high threshold.

Now THAT is something we can agree on.

[PuttPutt]

True, but 7.5% of gross per year for the average person is a very high threshold.

It is high, but medical bills add up quickly & insurance companies try to get out of paying for lots of things.

Had I paid them in full last year, my total paid would've been more than 7.5% of my gross profit.

[florige]

My brother bought his house in 2000, and he annually gets over 10k back.

[CosmicCowboy]

My brother bought his house in 2000, and he annually gets over 10k back.

Must be a of a house. He would have to pay 30K a year in interest for it to translate into 10K back on taxes.

[florige]

Must be a of a house. He would have to pay 30K a year in interest for it to translate into 10K back on taxes.

No it is a little two bedroom house that is really small. Idk how he manages to rake in that much every year. I know he isn't paying that much interest on that ty house. I'm not sure how he gets back that much every year then.