Are Imo Tax Deductible As Medical Expense?

[LSGi]

are these IMO's tax deductable in same area as some other medical expenses?

[john999]

I think they would be if you itemize your taxes. I know it went up from 7% of your income to 10% I think before you can get a deduction. Do you know if medical insurance premiums are deductible? Now days you almost have to have a big mortgage to itemize.

[georgiapapa]

If you are 65 or older you can still deduct the medical expenses you paid that exceeded 7.5% of your adjusted gross income. If you are less than 65 you can only deduct the expenses you paid that exceeded 10% of your adjusted gross income. Medical insurance premiums are considered a deductible medical expense in certain situations. Check online with the IRS to determine if your situation permits you to deduct the premiums. I am not sure if IMOs would be deductible or not since this is a report and not a hands on medical exam. I would think an IME would be deductible but you need to check with a tax professional to find out about the IMO and IME.

Georgiapapa...

[LSGi]

I think they would be if you itemize your taxes. I know it went up from 7% of your income to 10% I think before you can get a deduction. Do you know if medical insurance premiums are deductible? Now days you almost have to have a big mortgage to itemize.

i don't know the answer to that. i was just something that crossed my brain. i don't make enough or have such mortgage whereby many deductions are on my radar. the tax preparer at a national chain the other day mentioned medical expenses to me. i mentioned i go to VA and some civilian and he said co-pays, ER visits, hospital stays i could deduct. i never really thought about it. he keep a record for next year. when i got home the thought of IMOs that many of us have paid for (the only way to counter VA) popped up.

[LSGi]

If you are 65 or older you can still deduct the medical expenses you paid that exceeded 7.5% of your adjusted gross income. If you are less than 65 you can only deduct the expenses you paid that exceeded 10% of your adjusted gross income. Medical insurance premiums are considered a deductible medical expense in certain situations. Check online with the IRS to determine if your situation permits you to deduct the premiums. I am not sure if IMOs would be deductible or not since this is a report and not a hands on medical exam. I would think an IME would be deductible but you need to check with a tax professional to find out about the IMO and IME.

Georgiapapa...

ok, thanks for the explanation. for my mind, i didn't think of a difference in IMO and IME. if thats an exam i've had those. i'll check the IRS site when my brain clears up a bit. i still ahve to have someone do my taxes even on only disablility income as i find the tax prep a bit much for my brain. i'll file this thread in my tax box for next years. thanks