Medical
Can Medial deductions and expenses be deducted?
Comments
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Thank you for this question, Kag.
The best answer is "It depends".
You can enter your medical expenses that you paid for including prescriptions, direct medical bills, and even paying for health insurance out of pocket. These are entered in the Itemized Deductions portion of your tax return input. Another aspect is that the IRS limits the amount of medical expenses that actually are deducted on your Itemized Deductions. This limitation is 7.5% of your Adjusted Gross Income. This means that all medical expenses totaling below this threshold amount will not be counted on the Schedule A: Itemized Deductions. Any amounts over this threshold amount will count towards your itemized Deductions and can be deducted. The next issue to deductibility is that the Standard Deduction can be often higher than the Itemized Deductions. Typically, tax software programs will default to the best deduction to apply on your tax return. So, if you have other Itemized Deductions like mortgage interest and property taxes paid or charitable spending, you may be able to deduct your medical expenses.
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Thank you
