![]() ![]() The IRS updates the list of medical expense deductions quite frequently, from a tax perspective, so it’s important to know not only what is considered deductible, but what isn’t. Ambulance and Other Medical Professional Transportation.Medical Equipment, Supplies and Diagnosis Devices.For a full list of every piece of information dealing with deductible medical expenses, see IRS Publication 502.įor time’s sake, here are a few of the most common expenses (and some commonly overlooked expenses) that are deductible. The government has an enormous list of qualifying medical and dental expenses that they have ruled as eligible for deduction on your income taxes. Some Qualified Medical Expenses, like doctors' visits, lab tests, and hospital stays, are also Medicare-covered services. ![]() Exactly Which Medical and Dental Expenses Can I Deduct? Qualified Medical Expenses are generally the same types of services and products that otherwise could be deducted as medical expenses on your yearly income tax return. If you’re not sure about itemizing your deductions, TurboTax will figure out which choice benefits you best – itemize or take the standard deduction. Here’s the low-down: you can deduct your medical and dental expenses, those of your spouse, or the expenses of your dependent’s – if you choose to itemize. Whether you’re a first-timer in the medical deductions arena or a seasoned veteran, it’s important to know exactly whose medical expenses can be deducted from your income.Īlthough almost everyone’s life (and therefore tax) situation is unique, you can somewhat generalize the rules about medical and dental deductions. Of course, these expenses can only be deducted from your income if you itemize your tax deductions instead of taking the standard deduction. In other words, if your medical expenses aren’t equal to or greater than 7 and a half percent of your income, you can’t claim them as tax deductions. However, on your 2012 taxes, only medical and dental expenses that meet the government’s minimum required amount, which is anything above 7 ½ percent of your adjusted gross income (AGI), are eligible. More than a few people are surprised to learn that a portion of the cost of their medical and dental expenses can be subtracted, or deducted, from their adjusted gross income. These are some very common questions about medical expenses, so let’s just dive right in. And, as we all know, if you’ve paid any medical bills, been to the dentist, spent any time in the hospital, or had any sort of doctor-patient interactions, there is potentially a treasure trove of tax deductions just waiting to be discovered.īut what can you deduct? What amount of your medical expenses are tax deductible? Do you have to show proof of the expenses that you’re claiming as deductions? Whose medical bills are able to be deducted? When you begin your tax paperwork organization ritual, no doubt one of the top priorities on your list will be your tax deductions. ![]()
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