Pensioner, 67y of age-i.t.o 2015 tax year- Calaculation of med aid contributions and deductions?
By Marc Sevitz · Updated
I am 67 years of age and a pensioner. In terms of the 2015 tax year how is the deduction in terms of Medical Aid contributions been calculated. Example:
Annual contributions to my medical aid fund = R24,000
Med expenses (Dr precriptions) paid out of my pocket = R2000
Previously in terms of my age above 65y, I have deducted my med. Contributions premiums, as well as my med expenses paid out of my pocket(prescriptions) as well as med expenses paid by myself and reflected on my medical scheme Tax return(which was rejected by them as my fund was exhauasted?
Annual contributions to my medical aid fund = R24,000
Med expenses (Dr precriptions) paid out of my pocket = R2000
Previously in terms of my age above 65y, I have deducted my med. Contributions premiums, as well as my med expenses paid out of my pocket(prescriptions) as well as med expenses paid by myself and reflected on my medical scheme Tax return(which was rejected by them as my fund was exhauasted?
Please have a look at our article on Medical Tax Credits to see how the new system will affect you.
Thanks for quick reply.
What is the prescribed rules for a person with a disability, as previous all medical contribution and expenses could have been deducted?
Thanks,
Regards,
AB
What is the prescribed rules for a person with a disability, as previous all medical contribution and expenses could have been deducted?
Thanks,
Regards,
AB
Disability will be covered in the same way that taxpayers of 65 are and be subject to the 3x credit with no lower limit needed.