This video will show how to figure out if your medical expenses are deductible.
Lets pretend that Jane total medical expenses were $6400 for a year. A lot of money, right? You would think she would be able to deduct it. For a lot people it’s a wrong assumption
Medical expenses are deductible only when you itemize, meaning you owe property and paying mortgage and real estate taxes, have some sort of donations, and may be have some work dues (not your country club dues). If you itemize then you can calculate how much of your medical expenses is deductible. It’s not 100%. In short you can claim only difference between what you spent on medical expenses and 10% of your AGI. For example, if your family AGI is $55,000.00 your 10% is $5500.00. In my scenario medical expenses were $6400-$5500=$900. Here is a catch: your combine itemized deductions on Schedule A should be more than your standard deduction (Single $6300, Married File jointly $12,600, head of household $9250), if you elect to still take itemize deduction that is less than your standard deduction, you will be paying more taxes as your taxable income will be more.
Yes, you might have substantial medical expenses, but it’s not necessarily you can deduct them and if you do not always its better than electing to take a standard deduction.
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