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Thread: Therapies, meds, insurance deductibles & out of pocket expenses- tax deductible?

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    Default Therapies, meds, insurance deductibles & out of pocket expenses- tax deductible?

    Hi ladies-

    I remember a while back, someone (mickey2?) posted about how special ed related expenses were tax deductible. I cannot find my bookmark, and was wondering if anyone has info on this, or could point me in the right direction?

    When I sit down to add up how much we spend on speech, Group OT, the insurance deductibles, and MEDS ($64 a month WITH insurance), it adds up quickly. I sent him to a special needs summer camp and paid $550 for it, have had him in gymnastics and swimming to deal with SID & ADD issues, and done various other things to help him along (software, reading materials, etc). I am wondering what, if anything, I could potentially deduct? Any ideas?

    Thanks to anyone who can help. I know I can cound on the wise PSNK ladies

    Diana

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    Val. is offline INCIIDer - A Community Creator
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    I don't know about the camp unless he was getting some kind of direct therapy. But, other medical expenses can be deducted if they total more than a certain percentage of your income, I believe. Even with all the expenses we've had, we've never had enough to actually use the deduction. I do use his camp as childcare expense.

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    mickey2 is offline INCIIDer - A Community Creator
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    Quote Originally Posted by dnj
    Hi ladies-

    I remember a while back, someone (mickey2?) posted about how special ed related expenses were tax deductible. I cannot find my bookmark, and was wondering if anyone has info on this, or could point me in the right direction?

    When I sit down to add up how much we spend on speech, Group OT, the insurance deductibles, and MEDS ($64 a month WITH insurance), it adds up quickly. I sent him to a special needs summer camp and paid $550 for it, have had him in gymnastics and swimming to deal with SID & ADD issues, and done various other things to help him along (software, reading materials, etc). I am wondering what, if anything, I could potentially deduct? Any ideas?

    Thanks to anyone who can help. I know I can cound on the wise PSNK ladies

    Diana
    the camp can be deducted if it meets some medical necessity, we deduct camps and private sports lessons with certified spec needs trainers, along with speciality foods, gas mileage and lots more. the site below is the most detailed yet easy to read/understand that i've come across

    http://www.schwablearning.org/articles.asp?r=1065

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    Suzi is offline INCIIDer - A Community Creator
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    Default The only way we've ever been able to meet the

    IRS requirements for deducting medical expenses is when we've been able to deduct her special neeeds school tuition. I think the requirement is you can deduct everything that exceeds 10% of your Gross Adjusted Income. So, if you have a Gross Adjusted Income of $100,000, then you could only deduct those expenses that exceed $10,000. Someone correct me if I'm wrong. This is how I remember it. Remember also that you can deduct travel mileage to and from appts!

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    Quote Originally Posted by Suzi
    IRS requirements for deducting medical expenses is when we've been able to deduct her special neeeds school tuition. I think the requirement is you can deduct everything that exceeds 10% of your Gross Adjusted Income. So, if you have a Gross Adjusted Income of $100,000, then you could only deduct those expenses that exceed $10,000. Someone correct me if I'm wrong. This is how I remember it. Remember also that you can deduct travel mileage to and from appts!

    7% of gross income, so if household income is 60K....7% is 4,200. we always max out our HCSA at 6k by july. few parents ever deduct all they could for their special needs kids. it helps to have a super good tax acct who specializes in special needs families and worked for the IRS. hugs

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    LL2 is offline INCIIDer - A Community Creator
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    Quote Originally Posted by mickey2
    7% of gross income, so if household income is 60K....7% is 4,200. we always max out our HCSA at 6k by july. few parents ever deduct all they could for their special needs kids. it helps to have a super good tax acct who specializes in special needs families and worked for the IRS. hugs
    It's also *adjusted* gross income, which can be significant in some cases, if the parents are making large contributions to eligible retirement plans, alimony payments to an ex, etc.

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