Yes, itemizing. 7.5% of adjusted gross income is not deductible for medical costs. Everything over that is
deductible, and starting out, her monthly nursing home cost will be $7400.
Their only other income is SS, so fairly easy to tweak things around in Turbotax, using bogus figures on a
bogus return. I bought the disk as I do numerous peoples taxes.
I was getting worn out positing different numbers, so will have to go back and drill down a little more, but
it appears in their case, another 3k to 5k could come out a year before break even and taxes would be owed.
When I dial in the number, or close enough, I will have that much more sent to her checking annually, as to
save what is in her checking, as the longer that lasts, the longer not having money go to paying taxes.
Hope this isn't coming out too confusing. |
