The medical deduction can only be claimed if your unreimbursed costs exceed 7.5% of your adjusted gross income (AGI) for tax years 2017-2018 (10% of your AGI after 2018).
Qualifying costs, which include many items other than hospital and doctor bills, often amount to much larger figures than expected. Here are some items you should take into account when determining your medical costs:
- Health insurance premiums.
- Transportation to and from medical treatment.
- Therapists, nurses, etc. as long as the services relate to a medical condition and aren’t for general health.
- Eyeglasses, hearing aids, dental work, psychotherapy, prescription drugs.
- Smoking-cessation programs, however non-prescription nicotine gum and certain nicotine patches aren't deductible.
- Weight-loss programs, if undertaken as treatment for a disease diagnosed by a physician. It’s a good idea to get a written diagnosis before starting the program.
- Dependents and others. You can deduct the medical costs that you pay for your dependents, such as your children, or an elderly parent or grandparent, who would qualify as your dependent except that he has too much gross income or files jointly.
In summation, medical costs are fairly broadly defined for deduction purposes. If you believe you may qualify for a deduction, please call to set up an appointment to discuss this or any other aspect of your taxes.
Bottom line—we help yours grow!
