Posted by bad_luck on 10/9/2013 10:41:00 PM (view original):
Posted by tecwrg on 10/9/2013 9:55:00 PM (view original):The tax deduction works out to a few hundred dollars for most people. If that's make or break, that medical expense is probably tax deductible.
Of course it doesn't seem like a big deal to you.
On the other hand, if roles were reversed and the ACA was an initiative of the right instead of the left, you no doubt would see it as a huge freakin' deal.
It costs me $700 at 28% (filing jointly between $146-$223k) - am I correct? That's not just a 'small tax deduction' imo. Also without the FSA I'd have to have over $7500 in medical expenses (AND i'd be required to itemize them) before I could even take a medical expense deduction which is not the case with FSA's which come off gross income right away like a 401k does.
Married Filing Jointly or Qualifying Widow(er) Filing Status
[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]
10% on taxable income from $0 to $17,850, plus
15% on taxable income over $17,850 to $72,500, plus
25% on taxable income over $72,500 to $146,400, plus
28% on taxable income over $146,400 to $223,050, plus
33% on taxable income over $223,050 to $398,350, plus
35% on taxable income over $398,350 to $450,000, plus
39.6% on taxable income over $450,000.