Self Pay VSG and income tax return

[shanda7182 5]

Hey guys!

Quick question! This is my first time every paying for anything medical out of pocket (since I do have insurance) however, I paid cash for my VSG and I was told that we could get some of the money back at the end of the year? Does anyone know any specific information regarding this?

Thanks.....

[Tiffykins 673]

I know a lot of self-employed/business owners that are able to claim their out of pocket medical cost and insurance premiums as a type of deduction.

I found this, and it may help some.

Personal Tax Planning | Suite101.com_

Tax Topics - Topic 502 Medical and Dental Expenses

[Phoenixrising 0]

I do an itemized return so I just calculated my expenses from my surgery, transportation to and from surgery and related expenses.

[Chancie 65]

I was told by my doctors and by my accountant that weight loss surgery is deductable because being over weight is now concisered a disease like diabetes.. etc.

I don't know all the details, but guess I'll find out in Feb. when I do my taxes!

[shanda7182 5]

I do an itemized return so I just calculated my expenses from my surgery, transportation to and from surgery and related expenses.

That sounds great! Can I include medications too (pain meds, acid reflux meds, etc)

Do you know what documents I need?

[shanda7182 5]

I was told by my doctors and by my accountant that weight loss surgery is deductable because being over weight is now concisered a disease like diabetes.. etc.

I don't know all the details, but guess I'll find out in Feb. when I do my taxes!

Yes, I am waiting to see myself. I would love to get something back (I have a wedding to pay for. lol)

[thinoneday 445]

Hey guys!

Quick question! This is my first time every paying for anything medical out of pocket (since I do have insurance) however, I paid cash for my VSG and I was told that we could get some of the money back at the end of the year? Does anyone know any specific information regarding this?

Thanks.....

Do you mean like get it back through income tax? You can claim medical, I'm wondering if we can claim this surgery. . . I'll ask my accountant. . . by the way Shanda, you look amazing! Keep up the good work!

[deedee 5]

My husband called and talked with the lady who does our taxes. She said that it was deductible. I'm not sure exactly what we will need, but I need to call the hospital and have them reprint some of the receipts for the pre-op testing, but other than that, I have kept all other receipts.

[shanda7182 5]

Do you mean like get it back through income tax? You can claim medical, I'm wondering if we can claim this surgery. . . I'll ask my accountant. . . by the way Shanda, you look amazing! Keep up the good work!

Yes, It would be nice to get some of this money back, I called the guy the does my taxes but he was not in the office (of course, its not tax time, yet). I know we can claim it but I wonder if it makes a big difference in the end. We will see come Feb.

Thanks for the compliment!

[shanda7182 5]

My husband called and talked with the lady who does our taxes. She said that it was deductible. I'm not sure exactly what we will need, but I need to call the hospital and have them reprint some of the receipts for the pre-op testing, but other than that, I have kept all other receipts.

Sounds good, I think I will do the same!

[alegna242 1]

Don't quote me on this but I think I read somewhere that you can "claim" up to somewhere like $2400-$2500. I'm like meeeefffff.... that's not a lot!

But somethings better than nothing and if I can get 2500 that's the difference I saved in staying home vs. Mexico!

[Ruthi 60]

I believe the rule is you can claim it but only the amount that is over 2% of your total annual income or line 7 on the income tax return. So with that being said, it will depend on how much you paid and how much you make and that will make the amount different for everyone.

[Charmed 1]

That is great to know cant' wait to tell my DH. I'm so glad I was directed to this site.

Its the amount that is 7.5% above your AGI. So if you make 50K (adjusted gross) a year you can deduct anything over $3750.

Edited November 16, 2009 by Charmed

[Tracy46545 6]

the 7.5% of income number is correct.

You can claim transportation to and from, and all testing......however, don't bother trying to claim the expense of all those dang Protein supplements we can't tolerate. It's considered nutrition and is not tax deductible even for medical necessity.

I sleep with a tax man... lol

Tracy

[cajun 46]

I didn't receive any receipt from Dr Aceves for what I paid, but sent an email to Nina and she promptly emailed one to me. Be sure to keep your receipt in case you are audited.