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Posted by Margaret on February 5, 2008, 6:11 pm
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Hi Oilcan, pls see comments within:
Oilcan wrote:
> Hi Margaret!
>
> I see the same as you. I think it is due to the Tax Form being very
> simple on Schedule A (most people can not exceed the 7.5% AGI Limit.
> You should probably (no tax expert here) Medicine and Drugs which seems
> to be the catch all. There is an Other Category on the tax form, but
> not available in Quicken.
> I personally set-up my "tax" categories so that I can easily run a
> report (and validate). I do not use an import function. Nor do I use
> Turbo Tax.
Unfortunately as my insurance co-pays have increased (and my health has
declined), I now am able to take a deduction for medical expenses. I
have some special reports that I use to track expenses and do my taxes,
but the now missing "medical insurance premiums" tax line item affects
the usefulness of the Tax Schedule report, which both acted as a
double-check for comparison to my own reports and meant that I didn't
need to have quite so many special reports.
I don't use an import function, and I don't use TurboTax either.
> For the Medical Mileage - you could just accrue and entry for every
> appointment. For example, when I record the Co-Pay for my Doctor - 3
> miles and $0.20 (or what ever is the correct rate) and back that out of
> your Fuel Cost.
Thx for your input here. I guess I wasn't clear when I asked my
question. I have my own method for tracking mileage. If I'm
understanding you correctly, however, the method you propose could be
thrown off and result in editing of many transactions if, for example,
the IRS would to change the per mile amt with little notice.
I just asked the question, because it seems to me having a tax line item
for medical mileage is nearly useless, when one for medical insurance
premiums is quite useful. Not only does the Sched A worksheet want to
know about medical insurance premiums, it wants them broken out by what
gets paid as Medicare premiums, and what gets paid to other ins companies.
Maybe I'm missing something dunno....
Anyway, I guess I'll be tweaking my Q reports and making some more! :-)
Thx and Regards,
Margaret
> I kept very detailed records of my Medical last year - but I didn't
> exceed the 7.5% AGI calculation. Guess I was not sick enough...(and
> thank God for good insurance!!!!!!)
>
> Oilcan
>> Has anyone else noticed there's no longer a tax line item for medical
>> insurance premiums in Quicken? There was in QP2007.... I sure could
>> use a tax line item for "other medical expenses" too.
>>
>> I've pored through the list of line items, even the extended list, and
>> all I see are:
>>
>> Schedule A:
>> medicine and drugs
>> doctors, dentists and hospitals
>> medical travel and lodging
>> medical mileage (way far down the list)
>>
>> I even installed a fresh copy of QP2006-R1 on a test machine to make
>> sure my categories hadn't somehow become corrupted, and indeed there
>> is no line item for medical insurance premiums.
>>
>> And BTW, since there's a line item for medical mileage, has anyone
>> found a good way to track medical mileage using Quicken?
>>
>> Thx and Regards,
>>
>> Margaret
>
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