I'm 5th year otolaryngology resident. My wife is a Nurse. For that past few years, we have been filing our taxes married but separately because I'm pursing the PSLF program, making IBR payments based on my income only, and trying to keep payments low.
My AGI is around $60,000 and hers is around $70,000. We spent approximately $68,000 in 2017 in medical expenses primarily for fertility treatments because we have been trying to start a family. I know to do a itemized deduction on medical expenses you have to spend more than 10% your AGI.
From what I found, I can deduct approximately $28,000 ($34000- 6000) and she can deduct $27,000($34000-7000) . I have a few questions with regard to this.
Would it be more beneficial for one of us to deduct the entire $68,000?
Would there be any additional benefit to filing married jointly and itemize the full value of $68,000 vs married separately even though my IBR payments would go up if we filed together?
Is this a significant amount to make any significant difference on our taxes vs just taking the standard deduction?
Thanks, I appreciate any help or advice.
My AGI is around $60,000 and hers is around $70,000. We spent approximately $68,000 in 2017 in medical expenses primarily for fertility treatments because we have been trying to start a family. I know to do a itemized deduction on medical expenses you have to spend more than 10% your AGI.
From what I found, I can deduct approximately $28,000 ($34000- 6000) and she can deduct $27,000($34000-7000) . I have a few questions with regard to this.
Would it be more beneficial for one of us to deduct the entire $68,000?
Would there be any additional benefit to filing married jointly and itemize the full value of $68,000 vs married separately even though my IBR payments would go up if we filed together?
Is this a significant amount to make any significant difference on our taxes vs just taking the standard deduction?
Thanks, I appreciate any help or advice.
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