In order to claim medical expenses on your taxes, they need to be more than 7.5% of your Adjusted Gross Income. Contributions to your premiums and Flexible Spending (FSA) don't count.
In the past, I have not tracked our medical expenses closely. Because we put so much into FSA and get the pretax benefit from that, we don't meet the minimum amount to claim. Years ago I tried. I kept everything. I entered everything into our taxes....and we weren't able to claim any of it. So I stopped.
This year, the FSA amount you are able to contribute was lowered to a max of $2500. We are contributing the max, and because we know we need more, we also have a "medical" CapOne (formerly ING) account. We will still put aside the same amount, but only get a pretax benefit on the $2500.
I thought I would try again in tracking the expenses. I set up a spreadsheet that tracks what is reimbursed by FSA, medical bills we are continuing to pay on that had a date of service before 2013, mileage, and over the counter.
The over the counter....gotta double check on this one....I know it doesn't count for FSA, but need to check if it counts on the taxes. If it doesn't, then I won't waste my time. Honestly, I haven't done a good job on tracking this one so far.
I am not sure any of this will matter. We still might not meet the minimum requirement (actually, I am pretty sure we won't). But thought I would give it another shot.
Anyone else track their medical expenses? If you do, how do you track it? Are you able to deduct it from your taxes?