Ive heard lasik eye surgery was a tax deduction howeverr i filled out out a 1040ez 2008 and will in 2009?Dede
For you, it is not deductible.
Sherwood
Medical expenses are tax deductible as an itemized deduction with a floor at 7.5% of your AGI.What that means in practical terms is that medical bills up to 7.5% of your annual income are not tax deductions. Any amount above and beyond the 7.5% figure is a deduction. Even then, it doesn't help most people. Tax deductions are an either-or thing. Either you take the standard deduction at the established rate for that year, or you itemize actual deductions, its one or the other but not both. So the tax deduction for medical bills only helps you if you itemize deductions. Plus, I believe that Lasik doesn't count toward the tax deduction because its an elective procedure. I'm not sure on that though.
Derick
LASIK is deductible. From the Internal Revenue Code:Section 213.—Medical, Dental, etc., Expenses26 CFR 1.213–1: Medical, dental, etc., expenses. "Medical expenses. Amounts paid by individuals for procedures that are directed to improving appearance and do not promote the proper function of the body are not expenses for medical care deductible under section 213 of the Code unless the procedure is necessary to correct a deformity arising from a birth defect, disfiguring disease, or injury. Therefore, breast reconstruction surgery following a mastectomy for cancer and vision correction surgery such as LASIK are deductible under section 213, but teeth whitening procedures are not deductible under section 213."You need to prepare Schedule A and file the 1040 long form in order to deduct medical expenses.Medical expenses are only deductible to the extent that they exceed 7.5% of your adjusted gross income (AGI). For example, if your AGI is $30, 000, then your total medical expenses must exceed $2, 250 before you can deduct anything. Also, the standard deduction for 2009 for a single, unmarried person is $5, 700. If you paid $4, 000 for the LASIK, gave $3, 000 to charity, paid $1, 000 in state and local income taxes, you would have itemized deductions of $5, 750. Without the LASIK, your itemized deductions would be less than the standard deduction, so you would take the standard. As such, your tax benefit from paying for the LASIK would be $50 times your tax rate of 15%. That would save you $7 or $8 on your taxes.I hope this helps.Gary
Bernardo
To deduct medical expenses, you have to file a 1040, not 1040EZ, and have enough itemized deductions to make itemizing worthwhile. Only the part of your medical expenses that's over 7.5% of your adjusted gross income is deductible.So while technically yes it's deductible, very few people have enough expenses and deductions to benefit from a deduction.
Annalee
how much does lasik cost? thanks
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