topic Medical expenses tax deduction in Deductions & credits

Medical expenses tax deduction

METsmarthomes — Fri, 09 Aug 2019 13:24:09 GMT

During 2019 I had an IVF treatment and some other expenses that I want to deduct from taxes. It is more than 10% adjusted gross income percentage and more than $12,000.00

I am planing to open a LLC company but I want to make sure that it doesn't affect my chances of deduct my personal medical expenses.

Can you please give me some information about it. Can I open a LLC company and still deduct my personal medical expenses (not as business expenses)?

Re: Medical expenses tax deduction

DoninGA — Fri, 09 Aug 2019 13:40:54 GMT

Personal medical expenses for doctors, hospitals, medical procedures, etc. are only entered on Schedule as an itemized deduction.

You are referring to the self-employed health insurance premiums paid.

See this TurboTax Tax Tip - https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-self-employed/L6bRhLaVE

Re: Medical expenses tax deduction

METsmarthomes — Fri, 09 Aug 2019 14:20:18 GMT

thank you for your prompt response.

I am not looking for deducting health insurance on the company I will create, I already have insurance in my current job (which I will keep).

I just want to make sure that even if I open a LLC company, I will be able to deduct the medical expenses on my personal taxes (not related at all with the new company)

Thank you

Re: Medical expenses tax deduction

VolvoGirl — Fri, 09 Aug 2019 14:46:14 GMT

Yes. Personal deductions and business expenses are separate. You get to take both. Will your LLC be a Single Member LLC? Then you will probably file it as a disregarded entity on Schedule C in your personal return. If it is something else or you elect to be an S corp you need to file a separate Business return for it and should get professional help to set it up the first year.

Re: Medical expenses tax deduction

Anonymous — Fri, 09 Aug 2019 16:49:49 GMT

if the llc operates at a profit it will have an effect on the amount of medical expenses that can be deducted.

qualified medical expenses must be reduced by 7.5 % of adjusted gross income to arrive at deductible medical expenses. a loss would reduce AGI which would have the opposite effect in allowing more deductible medical expenses.