So my mother is a rockstar tax lady. I can successfully say that I know NOTHING about taxes because I just hand her a shoebox of receipts and magically a huge check appears in my bank account. This year I asked her more about writing off your medical expenses for your taxes. I’ve seen others chatting about it, so I wanted to pass along some info from my mother to you.
In order to answer this question, you must be able to answer yes to the following two questions first.
1) Are your total medical expenses in excess of 7.5% of your adjusted gross income (AGI)? Your AGI can be located on line 38 of your tax return form 1040. You must take your AGI and multiply by 7.5%. Any medical expenses in excess of that number, you can deduct on Schedule A – Itemized Deduction Form.
For example – Your AGI is $30,000. $30,000 X 7.5 % = $2,250.00
Your medical expenses = $5,000.00
Your medical expenses deduction = $2,750.00
2) Your total itemized deductions are more than the standard deduction which is:
$5,800 if filing single
$11,600 if filing married
$8,500 if filing head of household
Some of the most common itemized deductions include such things as:
Medical expenses, state and local income taxes, home mortgage interest, property taxes, donations.
So all of these things added together must be more than the standard deduction amount. If you can answer yes to both of these, then you can deduction your medical expenses. When you are adding up your medical expenses make sure you include health, dental and vision expenses. So this will include things like:
– Mileage – driving to and from doctor appointments and hospitals.
You get .19 cents per mile for January 1 – June 30 and 23.5 cents per mile for July 1 – December 31.
– Travel expenses like tolls, parking fees, hotels, meals
– Insurance Premiums
– Office calls, co-pays, deductibles, any other out of pocket expenses
– Medical supplies
If you have any other questions, I would suggest finding a rockstar tax person in your life.