What baby related expenses are tax decuctable?
Rick asked:
My wife and I had a baby last year and I am wondering what I can write off. Can I write off all the hospital bills? How about baby food, diapers, crib, stuff for the baby? Anything else? Thanks!
My wife and I had a baby last year and I am wondering what I can write off. Can I write off all the hospital bills? How about baby food, diapers, crib, stuff for the baby? Anything else? Thanks!
Medical expenses out of pocket, all the other stuff is not deductible
Medical Expenses are Itemized Deductions, they must exceed 7.5% of your Adjusted Gross Income.
Your total Itemized deductions must exceed the Standard Deduction amount of $10,300.00 to be beneficial to itemize
Paid medical expenses. And the exemption of the Child. You may also be eligible for Child Tax Credit.
, individual, publication 17. This will give more detail on your medical deductions.
good luck & bless
Only unreimbursed medical bills are deductible on your tax return, and even that amount has to exceed 7.5% of your adjusted gross income.
The good news is that for 2006, you have an additional dependent to claim on your tax return, as well as the possibility of qualifying for the child credit of $1,000-that pays for a few packages of diapers!
Unreimbursed medical bills that were paid from taxed dollars are deductible if you itemize deductions. Medical expenses are subject to a 7.5% AGI limitation.
Medical bills paid from an MSA or flexible spending account are not deductible as the funds from those are not taxed in the first place.
You get one dependency exemption for the child.
None of the other expenses listed are deductible.
If your income is within limits, you may qualify for the Earned Income Tax Credit.
You may qualify for the Child Tax Credit.
If you had to pay for child care so both of you could work or look for work, you may be able to claim the Dependent Care Credit.
No you can’t..they already give you a deduction for having a child…that is what the child refund is already in place for to help you take care of that child.
Child Care. As long as you are working or going to school. Both parents need to be either going to school or working.