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Newspaper
Decatur Daily
Location
Decatur, Alabama, United States of America
Date
Jun 16, 1966
Page
7
Sylvia Porter explains major shifts in federal income tax medical expense deductions starting in 1967. The article highlights which 1966 deductions vanish and which new rules may increase benefits for itemizers, urging readers to plan timing and payments to maximize tax savings. The changes are summarized from the Research Institute of America.
Athens Limestone County notes Mrs. Bennie Glaze retires after 22 years at Lentzville Pleasant Point Clements High and Hays Mill with 40 pupils joining a retirement trip to Birmingham. She graduated Florence State College in 1924 and has three sons and a daughter.
The text explains that premiums for insurance covering loss of earnings or other nonmedical costs are non deductible personal expenses. Starting next set, itemizers may claim a special deduction for half the premiums paid for medical care insurance up to 150 dollars, regardless of the 3 percent wastage rule. The remaining premiums fall under other medical expenses subject to the usual rule.
The text explains that the $3 monthly premium for Medicare voluntary health insurance for those 65 and over will qualify as a new special medical care insurance deduction in 1967, with 1966 payments treated as regular medical expenses. It details prepaid medical expenses starting 1967 as premiums paid by under 65 for care of self, spouse, and dependents when the payer reaches 65.
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