![]() ![]() Line 4: Enter the difference between 7.5% of your AGI and your medical expenses total here.(You’ll just multiply your AGI by 0.075 for this one.) Line 3: Find 7.5% of your AGI and enter it here. ![]() Line 2: Remember how we talked about AGI? Calculate yours and write it on this line.Line 1: Add up all of your medical expenses and put the total here.Here’s a quick walk-through of the Schedule A medical expense section: To do that, you’ll use the 1040 form when you file your taxes and attach Schedule A (the sheet you’ll list your expenses on). In order to claim the medical expense deduction, you’ll have to itemize your expenses. How to Claim Your Medical Expenses Deduction You’ve already gotten the tax advantage, so you can’t double up. So any medical expenses you cover with these accounts can’t be deducted. If you have a flexible spending account (FSA), Health Savings Account (HSA) or a health reimbursement arrangement (HRA), the funds in these accounts have essentially already been deducted, because they’re contributed before taxes or reimbursed with tax-free money. Let’s talk tax-free spending accounts for a minute. Other things you can’t deduct include the gym membership you’ve been paying for all year but haven’t used since January (don’t deny it), that $10 wheat grass smoothie (but hey-at least it’s healthy), or medical expenses paid in a different year (if you pay it in 2022 it can only be included in the 2022 tax year). So those Flintstone vitamins you buy for your kids (be honest-you eat them too) can’t be deducted. Expenses you won’t be able to deduct include things like cosmetic procedures, nonprescription drugs (except for insulin) or purchases made for general health and well-being. Which Medical Expenses Are Not Deductible?Īlright, this might be a bummer, but we have to mention it. (But hey, that’s something to look forward to next year!)Īlso, you can include any medical expenses you pay for someone else-like your spouse or a dependent-in addition to any you’ve paid for yourself. So, if you had a root canal (ouch) in January 2022, you won’t be able to deduct that expense until you file your 2022 taxes in 2023. You can only include medical and dental expenses you paid during the tax year you’re filing for. Transportation and lodging costs if you have to travel to a health care facility, including mileage at a rate of 16 cents per mile 2.Long-term care and long-term care insurance.Health and dental insurance premiums-as long as they’re not reimbursed by your employer and the premiums are paid using after-tax dollars.Medical devices, equipment and other medical supplies.Any medical services provided by physicians, surgeons, dentists and other medical professionals.Here are a few more criteria for deductible medical expenses: 1 That’s the IRS’s big-picture definition, but there are some nitty-gritty specifics too. The IRS defines medical expenses as any costs related to diagnosing, treating or preventing disease. Thankfully, a lot of your medical expenses are tax deductible. Typically, the lower your AGI the more deductions and credits you’re eligible to get. In this case, you could deduct $3,000 of your medical expenses. How much of your medical expenses can you deduct? Well, to figure that out, you would multiply $60,000 by 0.075 (7.5%) to get $4,500. Let’s also say you have $7,500 of medical expenses for the year. Let’s say that you have an AGI of $60,000. Leave it to the IRS to make things clear as mud, right? Let’s look at an example to clear this up. ![]() ![]() The IRS allows you to deduct any unreimbursed medical expenses that are more than 7.5% of your adjusted gross income (AGI). There are a few key things to keep in mind when you’re figuring out which medical expenses you can and can’t deduct. If you’re wondering if you can deduct medical expenses from your taxes, the short answer is: maybe. ![]()
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