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.
You can find out more about Medical and Dental Expenses in IRS Publication 502, or simply give us a call and we will be happy to discuss your specific situation with you.
1 thought on “Medical and Dental Expenses”
Taxpayers should be aware that the 7.5% AGI limitation is slated to go to 10% next year. In certain cases bunching of expenses into this year would make sense. They need to crunch the numbers and plan surgery or dental work, etc. before year end.
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