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Treasured Social Butterfly
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Re: WHAT HAS HAPPENED TO THE MEDICAL DEDUCTIONS ARE THEY STILL IN?

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Thank you Gail. for me, that is an important issue. and at our age, it will become a lot more important as time passes. Thanks again.
T

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Valued Social Butterfly
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Re: WHAT HAS HAPPENED TO THE MEDICAL DEDUCTIONS ARE THEY STILL IN?

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@rker321 wrote:

Gail  please clarfy, wnen  will the medical  deduction will expire?


This what USAToday says -

 

Medical expenses

People could continue to deduct medical expenses. For 2018 and 2019, expenses exceeding 7.5% of income are deductible; that percentage increases to 10%, the level in current law, in 2020. The bill also made the reduction in the threshold from 10% to 7.5% retroactive to 2016.

 

 USAToday 12/15/2017 - Here's What's In Final Tax Bill

 

Now you know as much as me - probably more info will come out on Monday when all the MSM gets back to work.  I am still not sure if this is right.

 

This Sounds like it will give you as a senior a few more years at the 7.5% threshold before going to the 10% in 2020. And it will give those already at the 10% threshold the ability to amend their 2016 tax year return and perhaps get a lower tax depending upon the numbers.

 

 

 

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Re: WHAT HAS HAPPENED TO THE MEDICAL DEDUCTIONS ARE THEY STILL IN?

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Gail  please clarfy, wnen  will the medical  deduction will expire?

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Re: WHAT HAS HAPPENED TO THE MEDICAL DEDUCTIONS ARE THEY STILL IN?

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@rker321 wrote:

CANNOT SEE IN THE NEWS ABOUT THE MEDICAL DEDUCTIONS  HAVE ANYONE SEEN ANYTHING ON ANY OF THIS?


Actually easyed598 is only partially correct -

 

 

What this means . . . . .

Instead of ending the medical expenses deduction – as the House voted to do – the final deal would allow taxpayers to deduct medical expenses if they run over 7.5% of income, instead of the current 10% figure. But this will apply for only two years, and the deduction would cease to exist at that point.

 

The Conference Committee bill work up is difficult to read in its present state - (page 63 Sect. 11027)

http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-466.pdf

It is 1097 pages long but the last 500 are pretty much graphs, definitions, and stuff.

However, one of my DC bloggers has talked to members of the conference committee and the above is what they are saying about this particular "Medical and Dental Itemized Deduction".

 

 
* * * * * * It’s Always Something - Roseanne Rosannadanna
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Re: WHAT HAS HAPPENED TO THE MEDICAL DEDUCTIONS ARE THEY STILL IN?

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@easyed598 wrote:

Newest  information is that there are no  changes to medical deductions in tax bill.


Well,  that is a relief. for many of us. thank you

 

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Re: WHAT HAS HAPPENED TO THE MEDICAL DEDUCTIONS ARE THEY STILL IN?

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Newest  information is that there are no  changes to medical deductions in tax bill.

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WHAT HAS HAPPENED TO THE MEDICAL DEDUCTIONS ARE THEY STILL IN?

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CANNOT SEE IN THE NEWS ABOUT THE MEDICAL DEDUCTIONS  HAVE ANYONE SEEN ANYTHING ON ANY OF THIS?

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