Paying For Surgery

[O.T.R. sleever 3,386]

I got fired' date=' took my entire 401K, self paid, bought a motorcycle and a camera... saved the rest.. Got another job and a new me![/quote']

Please tell me this is not really true. The tax reprocussions for doing this are devistating.

[NDN_RN 527]

Please tell me this is not really true. The tax reprocussions for doing this are devistating.

I did that to buy another home, we had to move and couldn't sell our first home that was under Water.. The tax liability was devastating. We are still recovering. Now our renters in our first home, decided not to renew their lease, even though they had expressed that they would. They reneged due to divorce. Now I am stuck. Never ever cash out your 401k, unless you are willing to pay AT LEAST double what you come out with.

Just Do It!!!

[suegirl 109]

Please tell me this is not really true. The tax reprocussions for doing this are devistating.

The tax repercussion is less because now I can claim anything medical over 7.5% of my annual income which will offset and negate the tax I would be hit with for taking it early... and no it isn't a joke... Over a decade with the company and they fired me two days after my birthday... "restructuring" they call it...

[ChinaWood 30]

However you did it congratulations, its your money so no one else's sarcastic opinions count....

Order My Steps Dear Lord...

[NDN_RN 527]

The tax repercussion is less because now I can claim anything medical over 7.5% of my annual income which will offset and negate the tax I would be hit with for taking it early... and no it isn't a joke... Over a decade with the company and they fired me two days after my birthday... "restructuring" they call it...

So sorry to hear that. Glad you were able to figure out the tax burden, which is beyond the 10% penalty. It's not so bad at smaller amounts.

Just Do It!!!

[Robbino 32]

I got fired' date=' took my entire 401K, self paid, bought a motorcycle and a camera... saved the rest.. Got another job and a new me![/quote']

I got laid off and took the money for surgery out of my 401K too. Decided it was time for a new life!

[suegirl 109]

I got laid off and took the money for surgery out of my 401K too. Decided it was time for a new life!

Just keep every receipt related to the doctor appts. and surgery.... If it adds up to more than 7.5% of your gross income at the end of the year, you can deduct everything over 7.5%

[legal loser 77]

Medical loan and stock options. Plan to claim it on my taxes as well.

[GlitteringGoldParodox 36]

I wish I could get Medicaid. Sadly I'm the large population that isn't dirt poor but just getting by( therefore I qualify for nthing). I do have insurance that I pay for Every month but WLS is not included.

[GlitteringGoldParodox 36]

I wish I could get Medicaid. Sadly I'm the large population that isn't dirt poor but just getting by( therefore I qualify for nthing). I do have insurance that I pay for Every month but WLS is not included.

I wish I could get Medicaid. Sadly I'm the large population that isn't dirt poor but just getting by( therefore I qualify for nthing). I do have insurance that I pay for Every month but WLS is not included.

After 2012 Medicaid will no longer be offering WLS. My sister BFF is on disability therefore also receives Medicaid. Her doctor been trying to get her to get gastric bypass (The sleeve is not approved my Medicaid, at least not in TX) for the past few yrs. The doc said this is the last yr Medicaid will pay for WLS.

[Mz.Smurf 31]

In reference to Medicaid you don't have to be dirt poor. Your family could have a need and if you fit within the guidelines you qualify for some assistance. Now im this case if you don't have enough coverage through your employer you can qualify for something called third party insurance. Look into it this is NOT Illegal you can show that you qualify. There are things set in place for you to use you just have to use the resources that you have.

Order My Steps Dear Lord...

Very well said....

[Mz.Smurf 31]

However you did it congratulations' date=' its your money so no one else's sarcastic opinions count....

Order My Steps Dear Lord...[/quote']

Amen!!!

[bbkipps99 48]

I took out a 10k loan on my car and saved the rest but will claim on taxes so i get most of it back (over the 7.5%) that will go back into the loan get it back to where it was and help improve my credit hopefully. Im hoping to get a house next yr.

[Carrie's Journey 130]

Just keep every receipt related to the doctor appts. and surgery.... If it adds up to more than 7.5% of your gross income at the end of the year' date=' you can deduct everything over 7.5%[/quote']

Do you know if you can still deduct it if you were self-pay? I wasn't obese enough to qualify through insurance so I took out a loan... I don't think I can get my primary dr to state surgery was medically necessary, even though I feel like it was. I paid over $17,000 so I'm hoping I can deduct it...

[suegirl 109]

Do you know if you can still deduct it if you were self-pay? I wasn't obese enough to qualify through insurance so I took out a loan... I don't think I can get my primary dr to state surgery was medically necessary, even though I feel like it was. I paid over $17,000 so I'm hoping I can deduct it...

Yes ma'am you can.. what it boils down to is this: all your medical expenses (including some travel but check with an accountant on how much) added together... Anything over 7.5% of your gross income is deductible..