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« Free Mind Over Money Book Giveaways at Free Money Finance, Day 3 | Main | Money Saving Tip Reminder: Review Your Statements »

January 25, 2006

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I have a question on this (since you mentioned this =)) what if I am only like $500 to $900 dollars away from qualifying, is there a way that this years can be rolled into next years? Or does it start from zero once you begin the new year?

Lori,

FMF asked me to respond to your question.

I am not aware of a way in which you can roll deductions from one year to another. Since the deduction is based on anything that exceeds 7.5% of your AGI (line 37 or 38), you could lower your AGI by possibly contributing more to your 401(k) or take advantage of one of the deductions available on the front page of form 1040.

I hope this helps.

JLP

Thanks a bunch!!!

Lets say my family income is $52,000 and we have nearly $19,000 in medical expenses. Not counting any other deductions, what percentage of that $19,000 can I expect to get back in my refund?

Amanda --

I suggest you consult your tax preparer or the IRS to see how you deduct your medical expenses specifically. You'll have a good amount to deduct -- you just need to be sure you do it correctly.

My diability social security goes to my designed payee
What happens if my designated payee goes has a personal bankrupcy. What happens to my social security?

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