Medical Expense Tax Deductions Now Explained Online
On the File My Taxes Online blog, tax expert and author Frank Ellis explains how one can claim medical expense tax deductions that are allowed by the IRS.
A recently published article on the File My Taxes Online website explains how to claim deductions related to medical expenses. The IRS provides some financial relief by making these expenses partially tax deductible, particularly after an unexpected emergency or if insurance does not cover the cost. Which medical expenses qualify and don’t are listed to provide a better idea of how this works.
Deduction value is first covered. According to the author, medical expenses qualify if they exceed 10% of one’s adjusted gross income (AGI). An example illustrates this principle. The article also states that people over 65 can deduct expenses that go over 7.5% of their AGI. This applies until December 2016. Deductible expenses such as surgeries, preventative care, dental/vision care, prescription medications, travel expenses for medical care, and more are listed.
Non-deductible medical expenses are discussed as well. These include any that one is reimbursed for. Ellis mentions a few things that cannot be deducted as well, and one can only deduct the medical expenses for the tax year they happened in.
Even more, the author tells how to claim a medical expenses deduction. To do so deductions must be itemized, as with Form 1040 . A list with a few instructions is provided so taxpayers know what line to write in the total amount of their medical expenses. There are also lines for entering 10% of AGI, calculating the difference, and identifying taxable income. Medical expense deductions qualify only if they exceed the amount of standard deductions.
To learn more, go to http://filemytaxesonline.org/claiming-medical-expense-tax-deductions/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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