Can I claim Hearing Aids on my Taxes
Posted by CENTURY HEARING
Can I claim Hearing Aids on my Taxes Got this answer from the TurboTax folks...(I used to work for Intuit)
Here is the obligatory statement: "I am not an accountant" but yes you can....
The IRS allows you to deduct hearing aids. And the IRS also lets you deduct the expenses that you pay to travel for medical care such as mileage on your car, bus fare and parking fees.
The stipulation here is that your medical expenses must total more than 10 percent of your adjusted gross income.
Hearing loss expenses that may qualify include: hearing aids, hearing aid batteries, hearing aid repairs, and hearing aid maintenance costs. As well as telephone and television equipment that amplifies sounds or provides captioning and other home safety items such as special smoke detectors and alarms and their installation.
There is an exemption to the 10 percent rule for the next few years which allows anyone 65 and older to claim medical expenses that total more than 7.5 percent of their adjusted gross income.
People with hearing loss in the workforce can also deduct expenses for items necessary to perform their jobs. These are considered business expenses and can include things like:
According to Turbo Tax folks with hearing loss sometimes qualify for the Disability Tax Credit and the Earned Income Tax Credit. Visit their website here to read more about qualifying for those credits.
Here is the new rule from the IRS regarding Flexible Spending Arrangements:
On October 31, 2013, the Internal Revenue Service ("IRS") announced a modification to the "use-it-or-lose-it" rule that applies to health care Flexible Spending Arrangements ("FSAs") under a cafeteria plan. Under the use-it-or-lose-it rule, unused amounts in a participant's health care FSA for a plan year not used to pay eligible medical expenses incurred during the plan year were required to be forfeited to the employer, unless the employer adopted the 2 1/2 month grace period. The grace period rules permit participants to use amounts remaining from the prior year to pay eligible medical expenses incurred during the first two months and 15 days immediately following the end of the plan year (March 15 for a calendar year plan).
For example, Jane Smith participates in her employer's FSA with a calendar plan year, a run-out period from January 1 to March 31, an open enrollment in November for making salary reductions for the following year and the $500 carryover.
In November 2014, Jane elects a salary reduction of $2,500 for 2015. By December 31, 2014, she has $800 remaining from 2014. The plan may treat $500 of the unused $800 as available to pay 2015 expenses. Jane now has a total of $3,000 to spend in 2015. She is reimbursed for a $2,700 claim incurred in July 2015. The plan treats the first $2,500 as reimbursed with 2015 contributions, and the remaining $200 of the claim as reimbursed with unused 2014 contributions (leaving $300 for any further 2015 expenses). If she submits no further claims in 2015, the remaining $300 is carried over to 2016.
You in the market to Buy a New Hearing Aid? Read this How to Buy a Hearing Aid Online Guide - Free. No matter where you end of buying, this guide will save you money.
Here is the obligatory statement: "I am not an accountant" but yes you can....
The IRS allows you to deduct hearing aids. And the IRS also lets you deduct the expenses that you pay to travel for medical care such as mileage on your car, bus fare and parking fees.
The stipulation here is that your medical expenses must total more than 10 percent of your adjusted gross income.
Hearing loss expenses that may qualify include: hearing aids, hearing aid batteries, hearing aid repairs, and hearing aid maintenance costs. As well as telephone and television equipment that amplifies sounds or provides captioning and other home safety items such as special smoke detectors and alarms and their installation.
There is an exemption to the 10 percent rule for the next few years which allows anyone 65 and older to claim medical expenses that total more than 7.5 percent of their adjusted gross income.
People with hearing loss in the workforce can also deduct expenses for items necessary to perform their jobs. These are considered business expenses and can include things like:
- Special telephones or video conferencing equipment
- Internet connection for video relay
- Other computer or telephone accessories
According to Turbo Tax folks with hearing loss sometimes qualify for the Disability Tax Credit and the Earned Income Tax Credit. Visit their website here to read more about qualifying for those credits.
Here is the new rule from the IRS regarding Flexible Spending Arrangements:
On October 31, 2013, the Internal Revenue Service ("IRS") announced a modification to the "use-it-or-lose-it" rule that applies to health care Flexible Spending Arrangements ("FSAs") under a cafeteria plan. Under the use-it-or-lose-it rule, unused amounts in a participant's health care FSA for a plan year not used to pay eligible medical expenses incurred during the plan year were required to be forfeited to the employer, unless the employer adopted the 2 1/2 month grace period. The grace period rules permit participants to use amounts remaining from the prior year to pay eligible medical expenses incurred during the first two months and 15 days immediately following the end of the plan year (March 15 for a calendar year plan).
For example, Jane Smith participates in her employer's FSA with a calendar plan year, a run-out period from January 1 to March 31, an open enrollment in November for making salary reductions for the following year and the $500 carryover.
In November 2014, Jane elects a salary reduction of $2,500 for 2015. By December 31, 2014, she has $800 remaining from 2014. The plan may treat $500 of the unused $800 as available to pay 2015 expenses. Jane now has a total of $3,000 to spend in 2015. She is reimbursed for a $2,700 claim incurred in July 2015. The plan treats the first $2,500 as reimbursed with 2015 contributions, and the remaining $200 of the claim as reimbursed with unused 2014 contributions (leaving $300 for any further 2015 expenses). If she submits no further claims in 2015, the remaining $300 is carried over to 2016.
You in the market to Buy a New Hearing Aid? Read this How to Buy a Hearing Aid Online Guide - Free. No matter where you end of buying, this guide will save you money.
SHARE:
