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Author Topic: HIV/AIDS and Taxes  (Read 3017 times)

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Offline ACinKC

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  • Posts: 2,994
  • Bring it VIRUS! #2 Ranked In-crowd Member!
HIV/AIDS and Taxes
« on: March 08, 2007, 10:30:43 AM »
What can we write off and what cant we?  Anyone know?  Thought this would be good to start discussing.

Labs?
Meds?

I have a tax "guy" but he doesnt know my status.  So I have to educate myself on some of this stuff.  Any help would be great.
LIFE is not a race to the grave with the intention of arriving safely
in a pretty and well-preserved body, but, rather to skid in broadside,
thoroughly used up, totally worn out, and loudly proclaiming--WOW! WHAT A
RIDE!!!

Offline David_CA

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Re: HIV/AIDS and Taxes
« Reply #1 on: March 08, 2007, 10:50:18 AM »
If AIDS is considered a handicap, isn't there some sort of 'discount' or write-off we get?  I know there's a box for blindness, but how about other legit. handicaps?  I've wondered the same thing myself.  We have a personal financial planner in the family who knows my status.  I'll try to ask him the next time I see him.

David
Black Friday 03-03-2006
03-23-06 CD4 359 @27.4% VL 75,938
06-01-06 CD4 462 @24.3% VL > 100,000
08-15-06 CD4 388 @22.8% VL >  "
10-21-06 CD4 285 @21.9% VL >  "
  Atripla started 12-01-2006
01-08-07 CD4 429 @26.8% VL 1872!
05-08-07 CD4 478 @28.1% VL 740
08-03-07 CD4 509 @31.8% VL 370
11-06-07 CD4 570 @30.0% VL 140
02-21-08 CD4 648 @32.4% VL 600
05-19-08 CD4 695 @33.1% VL < 48 undetectable!
08-21-08 CD4 725 @34.5%
11-11-08 CD4 672 @39.5%
02-11-09 CD4 773 @36.8%
05-11-09 CD4 615 @36.2%
08-19-09 CD4 770 @38.5%
11-19-09 CD4 944 @33.7%
02-17-10 CD4 678 @39.9%  
06-03-10 CD4 768 @34.9%
09-21-10 CD4 685 @40.3%
01-10-11 CD4 908 @36.3%
05-23-11 CD4 846 @36.8% VL 80
02-13-12 CD4 911 @41.4% VL<20
You must be the change you want to see in the world.  Mahatma Gandhi

Offline budndallastx

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Re: HIV/AIDS and Taxes
« Reply #2 on: March 08, 2007, 11:33:22 AM »
For HIV/AIDS you don't get any special tax treatment but you can write off medical expenses if they exceed 10% of your total gross income.  You'll have to itemize on your tax return (form 1040).  Here's the link for information on this topic from the IRS: http://www.irs.gov/taxtopics/tc502.html
Meds since: 11/20/2006
Sustiva / Truvada
12/08/2008 VL:<48 CD4 622 (38%)   
9/8/2008 VL:<48 CD4 573 (30%)
5/2008 VL:<48 CD4 464 (30%)
1/2008  VL: <50  CD4 425(28%)
9/2007   VL: <50  CD4 465 (27%)
6/2007   VL: <50   CD4 443 (26%)
3/2007  VL: <50   CD4 385 (25%)
12/2006 - VL: <50   CD4: 384 (25%)
11/2006 - VL:  22K  CD4: 208 (18%)

Offline bear60

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Re: HIV/AIDS and Taxes
« Reply #3 on: March 08, 2007, 11:43:16 AM »
For HIV/AIDS you don't get any special tax treatment but you can write off medical expenses if they exceed 10% of your total gross income. ...............quote Bud
.................................................
Thats what I understand as well.  All of your out of pocket, cash outlay, payments for:  doctors visits, meds, lab work or x rays or ANYTHING that is medically related is deductable after that 10% of gross income. Plus I pay for my own health plan and THAT is deductable. Of course youhave to have receipts...u know!!!
modified to add: dental work qualifies as medical expenses too....as long as its out of pocket.
« Last Edit: March 08, 2007, 11:49:15 AM by bear60 »
Poz Bear Type in Philadelphia

Offline ACinKC

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Re: HIV/AIDS and Taxes
« Reply #4 on: March 08, 2007, 11:50:30 AM »
Thanks Bear!  Keep up the good work guys.  This is good info.
LIFE is not a race to the grave with the intention of arriving safely
in a pretty and well-preserved body, but, rather to skid in broadside,
thoroughly used up, totally worn out, and loudly proclaiming--WOW! WHAT A
RIDE!!!

Offline allanq

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  • still life with pills
Re: HIV/AIDS and Taxes
« Reply #5 on: March 08, 2007, 11:59:52 AM »
Correction to previous replies: If you itemize deductions, you can take a deduction for medical and dental expenses that exceed 7.5% of your adjusted gross income (Form 1040, line 37). The cost of your health insurance is included in your medical expenses. The cost for eye exams and glasses is also included.

Line 49 on Form 1040 is a "Credit for the Elderly or the Disabled." To use this credit, you have to be 65 or older or on permanent and total disability and have taxable disability income. You also have to meet certain income qualifications. Check out the instructions for Schedule R (available from the IRS online).
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Offline bear60

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Re: HIV/AIDS and Taxes
« Reply #6 on: March 08, 2007, 12:21:33 PM »
Thanks Allanq.
DISABILITY....thats a big one.
But if you are just HIV poz or you have AIDS but are still fully employed there is no special deduction for HIV..... right?
Poz Bear Type in Philadelphia

Offline allanq

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  • still life with pills
Re: HIV/AIDS and Taxes
« Reply #7 on: March 08, 2007, 12:48:19 PM »
There's no special deduction for people with HIV or AIDS.

I forgot to add in my previous post that in your medical expenses, you can also include travel expenses for your doctor's visits. If you used your own car, you can deduct the actual cost of gas and oil or 18 cents a mile. You can also deduct parking fees and tolls.

I used Basic TurboTax to do my taxes. If you itemize deductions, it's well worth the $20 cost. They guide you through all the deductions that you're entitled to. It came up with a few that I would have missed without the software. It does all the calculations, gives you a nice neat copy that you can print, and lets you file on-line.
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Bottom right (Dinner): Prezista, Norvir, Isentress
Bottom left (Bedtime): Sustiva, Trazodone (2), Lipitor, Septra (no longer taking this)
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Not shown: various vitamins & supplements

Offline allopathicholistic

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Re: HIV/AIDS and Taxes
« Reply #8 on: March 08, 2007, 01:02:40 PM »
Correction to previous replies: If you itemize deductions, you can take a deduction for medical and dental expenses that exceed 7.5% of your adjusted gross income (Form 1040, line 37). The cost of your health insurance is included in your medical expenses. The cost for eye exams and glasses is also included.

Line 49 on Form 1040 is a "Credit for the Elderly or the Disabled." To use this credit, you have to be 65 or older or on permanent and total disability and have taxable disability income. You also have to meet certain income qualifications. Check out the instructions for Schedule R (available from the IRS online).
There's no special deduction for people with HIV or AIDS.

I forgot to add in my previous post that in your medical expenses, you can also include travel expenses for your doctor's visits. If you used your own car, you can deduct the actual cost of gas and oil or 18 cents a mile. You can also deduct parking fees and tolls.

I used Basic TurboTax to do my taxes. If you itemize deductions, it's well worth the $20 cost. They guide you through all the deductions that you're entitled to. It came up with a few that I would have missed without the software. It does all the calculations, gives you a nice neat copy that you can print, and lets you file on-line.

Thank you, the 7.5% thing is what my ex-boyfriend told me in 2000. Wish I knew about that law in the 1990's because back then I was extremely healthy but I chose to be a lemming and paid for Aetna health insurance offered via the Wall Street giant I worked for at the time. I was healthy but paying for "healthcare". Can you say lemming? It would have been slightly more $ensible for me to have done the 7.5% thing back then. Sometimes when you think about it, peer pressure is pretty darn stupid. I went with Aetna because everyone else had it. I mean, hello, I was unmarried and in excellent health, i.e., I can understand couples or people with dependents wanting health insurance... whatever. End of rant
« Last Edit: March 08, 2007, 01:17:56 PM by allopathicholistic »

Offline pointer165

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Re: HIV/AIDS and Taxes
« Reply #9 on: March 08, 2007, 11:03:31 PM »
I have a question.....I have not filed taxes in over 14 years because my private disability (premiums) were paid by me & the law states that if I pay it(and not my employer) it's considered non taxable income..I reread that book about 50 times to make sure it's non taxable....so what I make on Social Security is never enough for me to file....am I doing the right thing or are they going to come & take my house when I least expect it for not filing?

Thanks..
Tony
Guamanian

Offline allanq

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  • still life with pills
Re: HIV/AIDS and Taxes
« Reply #10 on: March 09, 2007, 02:15:27 AM »
Tony,

Each year, the IRS sets an income threshhold for filing a return. For the 2006 tax year, if you have less than $8,450 in taxable income, you do not have to file. (I'm assuming you're single and less than 65 years old.)

Since you paid the premiums for your disability insurance, your disability income from that policy is not taxable, and therefore not counted. Social Security income is also not counted.

You can read all about this on page 12 of the instructions for Form 1040.

I hope this puts your mind at ease.

  Allan
Top (Breakfast): Prezista, Norvir, Isentress, Zoloft (2), Glyburide (2), Aspirin
Bottom right (Dinner): Prezista, Norvir, Isentress
Bottom left (Bedtime): Sustiva, Trazodone (2), Lipitor, Septra (no longer taking this)
Center: Alprazolam (Xanax)
Not shown: various vitamins & supplements

Offline bear60

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Re: HIV/AIDS and Taxes
« Reply #11 on: March 09, 2007, 05:07:49 PM »
Pointer.....
Not sure I understand whether you are not filing or ...not paying? Listen to Allaq...he seems to be up on the latest tax information.
modified to be less confusing to the thread
« Last Edit: March 09, 2007, 06:09:36 PM by bear60 »
Poz Bear Type in Philadelphia

Offline allanq

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  • still life with pills
Re: HIV/AIDS and Taxes
« Reply #12 on: March 09, 2007, 05:56:19 PM »
bear60,

The rules on who has to file and who doesn't are contained in the instructions in the Form 1040 booklet on pages 12 and 13.

You do not have to file or send in any paperwork if your taxable income for 2006 was below $8,450. There are a few exceptions, such as if you are self-employed, but they are all spelled out in Chart C on page 13 of the instructions.

Allan
Top (Breakfast): Prezista, Norvir, Isentress, Zoloft (2), Glyburide (2), Aspirin
Bottom right (Dinner): Prezista, Norvir, Isentress
Bottom left (Bedtime): Sustiva, Trazodone (2), Lipitor, Septra (no longer taking this)
Center: Alprazolam (Xanax)
Not shown: various vitamins & supplements

Offline bear60

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Re: HIV/AIDS and Taxes
« Reply #13 on: March 09, 2007, 06:01:01 PM »
well...thanks Allanq....thats why I have someone else do my taxes...lol.
Poz Bear Type in Philadelphia

Offline allopathicholistic

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Re: HIV/AIDS and Taxes
« Reply #14 on: March 12, 2007, 03:17:18 PM »
bump because we've got a little over a month to file taxes

Offline puertorico2006

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Re: HIV/AIDS and Taxes
« Reply #15 on: March 13, 2007, 05:27:25 PM »
blah i remember taking federal income taxed last semester...i got an A but dont remember anything...damn short term memory failure lol


but i do remember paying attention to the part that medical expenses are 7.5% of income....but if you make too much $$$$$ they are excluded from the calculation of the amount of itemized deduction you can claim (think its if you make more than 82,000 or soemthing your deduction is reduced)....

but thats what turbotax is for...nobody does them by hand anyways
« Last Edit: March 13, 2007, 05:36:14 PM by puertorico2006 »
Infected Probably: may 2005
Diagnosed: 11/2006

11/28/2006 CD4:309 / VL: 1907 No meds yet
12/27/2006 CD4:339/  VL:1649 No meds yet
  4/28/2007 CD4:550/  VL:1800 No meds :-)

 


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