Hearing Aids Tax Deductible?

Discussion in 'General Chat' started by ladysolitary85, Mar 12, 2013.

  1. ladysolitary85

    ladysolitary85 New Member

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    I know a few of you prolly already did taxes, but this will be my first time including my hearing aid in part of my taxes. When I bought my hearing aid I was told by the lady in the audi office that my hearing aid is tax deductible. Does it really make much of a difference in tax return?
     
  2. diehardbiker

    diehardbiker Active Member

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    Since I am not tax attorney, and from what I understand is that since it is medical expenses. If I remember correctly, that you must spend more than $7,500 on medical expenses EXCLUDED insurance premiums first before you can start write off the rest of expenses on taxes. That's called spend down formula.

    Say, if you spent $5,000 on medical expenses, not counting that you pay for health insurance premium, then you can't write off any medical expenses on taxes. But, if you spent total of $10,000 on medical expenses, again not counting the health insurance premium, then you can write off only $2,500 on medical expenses though your taxes. If your on 10% tax bracket, then you would save only $250 dollars on your tax bill after spending $10,000 on medical expenses. That is why tax write off does not really save much money. I would chase down tax credits instead. And sorry no tax credits on medical expenses that I know of.

    To be honest, it is almost impossible to win on tax write off on medical expenses. So the actual saving is pretty much like a drop in the bucket. Also, the tax law may have already changed and I might be wrong or still right.
     
  3. sonocativo

    sonocativo Well-Known Member

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    Depends on the costs and where, it will be classified as medical expenses I believe. Here in Missouri we have to amount to over $7500 for it to be deducted or over 7% I believe it is of your gross pay???
    Tax laws changed this year so it may be completely different now?
    Will be doing ours saturday.
     
  4. ladysolitary85

    ladysolitary85 New Member

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    Thanks guys, bare with me I'm just kinda a newbie about adding the hearing aid with the taxes thingy. I'm in California so I've been trying to research what I can about the subject. I heard there is a tax credit of $500 per hearing aid but I'm not sure if thats accurate.
     
  5. drphil

    drphil Active Member

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    Tax laws are different in every country. Guess depends on the total allowable.

    In Canada-Hearing Aids are a deductible medical expense if one is over the minimum level.

    aside: Line 330 Federal total submitted less a "deductible of either $2109 or 3% of net income-line 236. This is from my completed 2012 return.
    The tax reduction Federal is !5% and Ontario-line 5868 is 5.05%
     
  6. Jane B.

    Jane B. Well-Known Member

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    Rules for your FEDERAL income tax return in the USA are the same for the whole country. IF your state has a state income tax, those rules will vary from state to state.
     
  7. diehardbiker

    diehardbiker Active Member

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    Drphil means different countries, like Mexico, France, Germany, whatsover, that... they don't have same tax laws as Americans.

     
  8. Jane B.

    Jane B. Well-Known Member

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    There is NO connection between the comments by Dr. Phil and me. You will notice that I DID NOT quote anyone. Just threw out a comment as several seemed confusing because of posters from different states of the US.
     
  9. Tousi

    Tousi Well-Known Member

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    I don't know about now but there was a time when the costs of hearing aids, their maintenance & upkeep and a dog were NOT subject to the 7% rule. It was allowed to be placed under "Miscellaneous" since hardly anyone who has medical insurance could reach that 7% plateau.....
     

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