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Insurance

Is the long term disability I am receiving taxable ?

Asked Thursday, December 21, 2000 by an anonymous user
Generally, you must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer. If both you and your employer pay for the plan, only the amount you receive for your disability that is due to your employer's payments should be reported as income. If you pay the entire cost of a health or accident insurance plan do not include any amounts you receive for your disability as income on your income tax return. If you pay the premiums of a health or accident insurance plan through a cafeteria plan, and the amount of the premium was not included as taxable income to you then the premiums are considered paid by your employer.
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Medical Expenses

Nursing home expenses - Parents expenses

Asked Thursday, December 21, 2000 by an anonymous user
Generally, you may deduct qualified medical expenses you pay for yourself, your spouse, and your dependents, including a person you claim as a dependent under a Multiple Support Agreement.
You can also deduct medical expenses you paid for someone who would have qualified as your dependent except that the person did not meet the gross income or joint return test.
Nursing home expenses are allowable as medical expenses in certain instances. If you, your spouse, or your dependent is in a nursing home or home for the aged, and the primary reason for being there is for medical care, the entire cost, including meals and lodging, is a medical expense deductible on IRS Schedule A subject to the 10% / 7.5% AGI limitation.
If the individual is in the home mainly for personal reasons, then only the cost of the actual medical care is a medical expense, and the cost of the meals and lodging is not deductible. Speak to your local CPA about the deductibility of the nursing home.
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Medical Expenses

Vasectomy payments

Asked Wednesday, December 20, 2000 by an anonymous user
The costs of a vasectomy are deductible as a medical itemized deduction on IRS Schedule A subject to the 7.5% AGI limitation.
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Medical Expenses

Smoking - nicotine gum or patches

Asked Wednesday, December 20, 2000 by an anonymous user
Non-prescription medicines (over the counter), such as nicotine gum and certain nicotine patches, are not deductible.
Deductible medical expenses do include unreimbursed amounts you paid to participate in a program to stop smoking or for prescription medicines to alleviate nicotine withdrawal.
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Medical Expenses

Medical physical

Asked Wednesday, December 20, 2000 by an anonymous user
The cost of the medical physical that your boss said you must have is deductible as an miscellaneous itemized deduction on IRS Schedule A subject to the 2% MAGI limitation.
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Medical Expenses

Special food prescribed by a doctor

Asked Tuesday, December 19, 2000 by an anonymous user
The additional costs of special food or diets over the costs of normal food are deductible if prescribed by a doctor to alleviate a specific medical condition.
The excess can be claimed as a medical itemized deduction on IRS Schedule A subject to the 10% / 7.5% limitation.
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Medical Expenses

Podiatrist payments

Asked Tuesday, December 19, 2000 by an anonymous user
The costs you pay to your podiatrist can be deductible as a medical deduction on IRS Schedule A subject to the 10% / 7.5% MAGI limitation.
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Medical Expenses

Medical Lab fees

Asked Tuesday, December 19, 2000 by an anonymous user
Yes. The medical laboratory fees are deductible as a medical itemized deduction on IRS Schedule A limited by the 7.5% MAGI limitation.
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Medical Expenses

Acupuncturist payments

Asked Tuesday, December 19, 2000 by an anonymous user
The costs you pay for your acupuncturist are deductible as an medical itemized deduction on IRS Schedule A subject to the 7.5% limitation.
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