When Preparing Taxes And Calculating Health Care Costs, Do We Have To Separate Health Care Costs Into Doctors.....

[Osburt]

separate health care costs into doctors, prescriptions and labs, or can we just say HEALTH CARE costs. I am preparing my numbers to give to my accountant and don't want to take time to separate if it's not necessary THANKS ....... so much.

[jaren12]

prescriptions, doctors, facility fees, lab fees, supplies, and eyecare.if you don't get them separated, jackbooted IRS thugs will not be kicking in your door in the middle of the night; but if you do happen to get audited; you will have to dig through all your records with the auditor scowling at you sternly.   TheLightWorks 16 months ago

[Kathlynn]

Most tax preparation programs ask for these items separately. The reason for this is to track deductions. They have databases full of what reasonable deduction are for the various categories. If one is exceptionally high, it triggers a red flag. It does not mean you will be audited, but it compares your deductions on a year to year basis. If they start to see too many years of out of wack deductions, they may ask you to prove the deduction. Good record keeping each year solves all the hassle of record gathering at tax time.   WEALTHADVISOR 16 months ago