tax deductible medical expenses - mileage (rate, income, business, deduction)
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I am looking at some wicked medical expenses this year. Much more than the $1000 I put in my flex spending account. I want to track what I spend in case it ends up exceeding 7.5% of our gross income.
For tracking mileage, do I need anything to "prove" what the mileage was? How does that work?
Keep a log that details the date, location, and mileage. The standard deduction for medical travel is different than for business travel. For 2011 it was 19 cents for the first half of the year and 23.5 cents for the second half. Lodging rate is $50 per person per night. For 2012 the mileage rate is 23 cents.
I put together a log as well - for my parents medical travel expenses. Just as the other poster mentioned - list the date, where you drove to/from, and I get the approximate mileage off of google maps.
The "proof" that I keep is my calendar of all the doctor's appointments. In theory, if I was audited I could get proof that they were at each appointment by doctor records/clinic records.
I also keep every receipt from parking, of course.
It ends up being quite a bit of work for a small deduction.
You need a log. I have my calendar and mileage to/from various appointments. I added it up and this year it was over 900 miles for us...not a good medical year for us.
Keep in mind too that your flex spend money will not count in adding to that 7.5% because it was taken out pre-tax so you will need 7.5% above and beyond that to start taking the medical deduction.
Thank you all. I will start a calendar and a log.
Yes I know that the flex money doesn't count towards the 7.5%, but thanks for the reminder.
Some of my appointments are 2.5 hours away and out of network so unfortunately I think it will be worth the time to track the mileage.
Thank you all. I will start a calendar and a log.
Yes I know that the flex money doesn't count towards the 7.5%, but thanks for the reminder.
Some of my appointments are 2.5 hours away and out of network so unfortunately I think it will be worth the time to track the mileage.
Call your insurance company and check to see if you have a rural medical clause. Basically if you don't have a specialist within XX miles (usually 60) any specialist you see then becomes "in-network". It used to be pretty common in policies, not so much now, but worth checking into.
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