Claiming tax deductions

bobm

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A very common tax deduction claim error is ... when one fills out their tax returns and uses a printout of their medical bills that has several columns showing what the expenses are : doctor / hospital bill, what insurance paid, then what other insurance or another plan paid , etc. , then what your cost is column. Well, most tax payers just claim the last number in the last column and claim this amount as what you paid. WRONG ! The IRS will reject your tax return and send it back to you. You see, the medical printed billing statement, really only states what your health insurance paid of the actual medical total bill but NOT what any other suplemental insurance has paid in your cost column . So, you have to subtract those figures from your cost column to get the true " out of pocket " cost that you can claim. Having fun yet ? :idunno
 

baymule

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Our Medicare supplement has paid well. My husband, over the past few years, has had a triple bypass, knee replacement, shoulder replacement, hip replacement and we’ve not been out one penny. So, no out of pocket for us! LOL
 
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