Tax question

bmmaloneFebruary 2, 2009

We itemize our tax return. Normally it is simple - interest on mortgage, savings interest, etc. However, this year my husband had major dental surgery ( think $50,000)and I had eye surgery so we are going to itemize medical expenses. Hypothetically, if our joint income was $100,000 what kind of tax break/refund would we get - ball park figure, not including any other itemized items.

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jiggreen

I'm not a professional, (just someone who enjoys figuring things out!) This was fun...sort of like trying to figure out a puzzle! And I'm sure someone out there probably has a much clearer answer..and please correct me if I'm going about my "computations" completely wrong!

But the nearest I can figure.........(and keep in mind, I dont think you've given near enough information to even ballpark guess the answer)....but to give you a start...medical expenses are deductible after you meet that 7.50 % threshold. So, using the $100,000.00 income figure and just the $50,000.00 expense figure (that's some EXPENSIVE dental surgery!!) there would be no deduction for the first $7500.00 worth of expenses, but the balance of $42,500.00 would be deductible. So, it seems like that would take your taxable income down from the $100,000 to $57,500.00. Not including any other deductions or exemptions. Tax liability on $57,500.00 is $7819.00. Aside from that, it would be easier to guesstimate your tax LIABILITY as opposed to a refund, since you didn't say how much you paid in taxes throughout the year, nor your filing status, which I'm assuming to be married/joint. (As for taxes paid in.....I'm guesstimating maybe $17,000.00 based on $100,000.00 income using the tax computation worksheet. Of course, that doesn't take into account the number of exemptions you might have claimed on your w-4)

    Bookmark   February 2, 2009 at 11:19PM
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bmmalone

thanks jiggreen
What you have said is what i kind of thought would be the scenario. Yes, my husbands dental work was expensive - but he now has a wonderful smile and no dental problems anymore - it was worth every penny! The refund will come in handy as we have been laid off from work. Now I have been motivated to get our taxes done within the next couple of weeks. My guess is that this will prompt an audit from the IRS, which is fine - we have never had anything to hide - but still it makes me nervous!

    Bookmark   February 3, 2009 at 7:14AM
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