![]() The documents and other items needed include the final tax return form which can be prepared at the National Tax Agency website, your certificate of income and withholding tax, your official seal, and your deposit passbook of the account where you would like to receive your reimbursement. What documents are needed to file a final tax return? However, if you earn salary income, you can apply for reimbursement of medical expenses deductions or other amounts from January. The filing period for a final tax return is the one-month period from February 16 through March 15. When is the filing period for final tax returns? * Including benefits paid from life insurance or other sources as well as benefits paid from health insurance such as High-Cost Medical Care Benefits, the Childbirth and Childcare Lump-Sum Grant, Patient Cost-Sharing Reimbursements and Additional Benefits, and the Dependents' Medical Care Additional Sum not including Injury and Sickness Allowance or Maternity Allowance.We can also help you determine whether bunching medical expenses into 2018 will likely save you tax. ![]() And with the TCJA’s near doubling of the standard deduction for 2018, many taxpayers who’ve typically itemized may no longer benefit from itemizing.Ĭontact us if you have questions about what expenses are eligible and whether you can qualify for a deduction on your 2017 tax return. ![]() Itemizing saves tax only if your total itemized deductions exceed your standard deduction. However, keep in mind that you have to itemize deductions to deduct medical expenses. Consider “bunching” expenses into 2018īecause the threshold is scheduled to increase to 10% in 2019, you might benefit from accelerating deductible medical expenses into 2018, to the extent they’re within your control. Beginning January 1, 2019, the 10% threshold will apply to all taxpayers, including those over age 65, unless Congress takes additional action. However, this lower threshold is temporary. But under the TCJA, the 7.5%-of-AGI deduction threshold now applies to all taxpayers for 20. AGI includes all of your taxable income items reduced by certain “above-the-line” deductions, such as those for deductible IRA contributions and student loan interest.Īs part of the Affordable Care Act, a higher deduction threshold of 10% of AGI went into effect in 2014 for most taxpayers and was scheduled to go into effect in 2017 for taxpayers age 65 or older. The AGI thresholdīefore 2013, you could claim an itemized deduction for qualified unreimbursed medical expenses paid for you, your spouse and your dependents, to the extent those expenses exceeded 7.5% of your adjusted gross income (AGI). Likewise, health insurance premiums aren’t deductible if they’re taken out of your paycheck pretax. Health insurance and long-term care insurance premiums can also qualify, with certain limits.Įxpenses reimbursed by insurance or paid with funds from a tax-advantaged account such as a Health Savings Account or Flexible Spending Account can’t be deducted. Mileage driven for health-care-related purposes is also deductible at a rate of 17 cents per mile for 2017 and 18 cents per mile for 2018. Examples include payments to physicians, dentists and other medical practitioners, as well as equipment, supplies, diagnostic devices and prescription drugs. Medical expenses may be deductible if they’re “qualified.” Qualified medical expenses involve the costs of diagnosis, cure, mitigation, treatment or prevention of disease, and the costs for treatments affecting any part or function of the body. ![]() Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. But there’s a threshold for deducting medical expenses that may be hard to meet. ![]() With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. ![]()
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