Medical and Dental Expenses
The Internal Revenue Service has expanded their video collection on YouTube, and I recently watched the short, yet informative one on Medical and Dental Expenses.
To deduct your medical or dental expenses, you must itemize your deductions. Then:
- Add up all medical and dental expenses, for you and dependents, that were paid during the year.
- Multiply your total adjusted gross income by 7.5%.
- You can claim a deduction for the portion of the medical and dental expenses that exceed 7.5% of your total adjusted gross income.