The IRS Deductions Blog

Posts Tagged ‘deductible’

Question: How much of my mortgage interest is deductible?

I paid around $7500.00 in interest on my home loan. last year. Now without including my mortgage interest I owe the govt around 4400.00 dollars and was wondering when i include my mortgage interest will that help offset what I owe them. And I made about 70,000 last year and only paid about 4000.00 in federal taxes

Answer: All of your interest plus your property taxes are deductible. The $4000 paid in seems low for that income level, so I suggest going through the IRS publications looking for as many deductions as you can. Given that the mortgage interest is above the standard deduction and if you add in property taxes, you should be able to shave that amount owed down some.

Items on Amazon Right Now for Deductible Home Mortgage Interest:

Great Remodeled Ranch Home

Question: Debating on 2 different health insurance–HELPPPPP!!!?

I’m working 2 jobs, a ft & a pt. I need help deciding which health insurance to pick. One thing to keep in mind– I am currently pregnant (11 weeks), so need the BEST coverage recommendation.

*first health benefit-full time job: (single only)
-$28.16 weekly cost
-Deductible=$1300
-70% after deductible
-$30 copay then 100%
-$1,000,000 life time maximum benefit– (i have no clue what that is)
*in this plan, there is a choice of ppo & non ppo.. what is the difference??

*second health benefit part time- (single)
+option 1
-$50 weekly cost
-Deductible = $250
-90% to $10,000 coinsurance
-$30 copay then 100%
-2,000,000 life time maximum

+option 2
-$43.00 weekly cost
-500 Deductible
-90% to $10,000 coinsurance
-30 copay then 100%
-same 2,000,000 life time maximum.

+option 3
-35.00 weekly cost
-1000 deductible
-80% to $10,000 coinsurance
-30 copay then 100%

I don’t know which insurance option i should go with.. i don’t want to be cheap..

Answer: You should probably choose this one:
*second health benefit part time- (single)
+option 1
-$50 weekly cost
-Deductible = $250
-90% to $10,000 coinsurance
-$30 copay then 100%
-2,000,000 life time maximum

*It has the best benefits, but costs a bit more per month.

Items on Amazon Right Now for Copay Deductible Coinsurance:

Copays, Co-Insurance and Deductibles

Question: I need some help understanding health insurance “out of pocket” and “in network” and “out of network”?

This is a plan from Aetna. I’m an single male wanting to get on this plan. I don’t understand a few things. First “out of pocket” being $7,500 for individual, what exactly does out of pocket mean? If the deductible is 0.. I just don’t get it. And what is “in network” and “out of network”. Thanks!

*In Network*
deductible – $0 individual / $0 family
co-insurance – 30% (0% once out-of-pocket max is satisfied)
out-of-pocket maximum – $7,500 Individual / $15,000 Family
*Out of Network*
deductible – $5,000 individual / $10,000 family
co-insurance – 50% (0% once out-of-pocket max is satisfied)
out-of-pocket maximum – $12,500 Individual / $25,000 Family

Answer: What are hte cost os these plans? They look decent.

In Network – doctors in your area that have signed up to be part of Aetna’s network. You get a discount because they are “in network”
Out of Network – all the doctors in the United States who didn’t sign up to be in Aetna’s network.

Deductible – amount of money you must spend before your plan starts paying for medical care. In you go in network you don’t have a deductible (it pays the first dollar). If you go “out of network” you have to pay the first $5000.

Out of pocket maximum – If you go to an “in network” doctor your plan will pay on the very first doctyour plan will start paying at the first dollar you spend. But until you met the maximum out of pocket you will have to pay a portion (either 30-cent for each dollar or 50-cents for each dollar).
- What this means on the out of network is that you pay all of the first $5000; for the next $15000 you will pay 50% (= $12500 = $5000 + 15500/50%)

Hope this makes sense.
Also, networks vary by geographic area. Aetna has a very good network in my area. I think every doctor I have tried to go to (I haven’t tried to go to that many) has been a member of the network.
Aetna also has a really good website that you can find the doctors in your area.

Items on Amazon Right Now for Insurance Deductible Out Of Pocket:

Saving Money on Auto Insurance

Question: Is mortgage interest 100% deductible and what about the origination fee?

Answer: Yes and Yes.

Items on Amazon Right Now for Deductible Mortgage Interest:

Do You Know That Your Mortgage Interest is Deductable? Jan Rose-Witt

Question: Does anyone know what ppo health insurances don’t have no deductible and no coinsurance ?

I’ve been looking for a good affordable health insurance cuz the doctor I need to see only takes ppo insurances :/ can someone give me a list of insurance that have no deductible and no coinsurance ? Please ! Help

Answer: I have Blue Cross/Blue Shield PPO. My deductible (per family member) is $400 a year. After that, we pay $20 to see a doctor, $30 for a specialist. $250 for emergency room visits. This is just the Co-pay. After the insurance pays their 80%, we still have 20% to pay.

This is one of the best insurances to have, I believe. I have never had any trouble with them (Oh, except once when I had a root canal and the dentist didn’t tell me I was over my annual dentist coverage until AFTER the procedure. But even then it wasn’t the insurance’s fault).

BCBS covers ALL my mom’s meds, and she takes 2K worth of meds each month.

It isn’t cheap, but it is very good.

Items on Amazon Right Now for Deductible Ppo:

Hitler is pissed off at his health insurance provider