Over Niagara Falls in a barrel


Thursday, March 28th, 2013
Issue 13, Volume 17.


When preparing your 1040 F tax return, have you noticed that the politicians have slipped in that the medical deduction must now exceed 10 percent of the adjusted gross income rather than the previous 7 1/2 percent for the past many years?

If you blink, they have their hand in your pocket again – sort of like going over Niagara Falls in a barrel isn’t it?

Thanks to the Fallbrook Tea Party for pointing this out.

 Jack Nix


 

1 comments

Comment Profile ImageReality Monger
Comment #1 | Saturday, Mar 30, 2013 at 1:33 pm
Actually that provision will start with the 2013 filing year. The 7.5% will remain in effect for people over the age of 65 for the 2013 year but will adjust to the 10% for 2014. I don't like it as I usually have enough medical expenses to get over that threshold but may not in the future. I am also a tax professional and I can see where it will cause a lot of harm for many people. The 7.5% hurdle was a hard one to hit for many people and now at 10% it will be even harder. This new threshold is part of the Affordable Healthcare Act (Obamacare). I can't say that people did not see this coming.

Article Comments are contributed by our readers, and do not necessarily reflect the views of The Fallbrook Village News staff. The name listed as the author for comments cannot be verified; Comment authors are not guaranteed to be who they claim they are.

 

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