Can I declare my son's medical insurance cost on my return?
he did not work for 9 months of the year but has earned over $5000 in the last three months ..may I still take declare the expense?
he did not work for 9 months of the year but has earned over $5000 in the last three months ..may I still take declare the expense?
There is a special rule for claiming medical expenses for persons who met all the requirements to be claimed as a dependent except for the requirement that their income be no more than $4150. If your son could have been claimed as a dependent had his income been $4150 or less, you can claim medical expenses including medical insurance premiums that you paid for him as a medical expense deduction on your tax return.
As you may know, only the amount of medical expenses in excess of 7.5% of your AGI can be deducted as an itemized deduction. All of your itemized deductions must total more than the standard deduction for you to get a tax benefit. With the standard deductions about double what they were last year, many taxpayers will not get any benefit from itemized deductions.
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