Deducting Medical And Dental Expenses

medical and dental expensesTax season is not usually the favorite time of any person’s year. If you itemize deductions, it may even be a bit more overwhelming for you than for others. But it can benefit you. If you spent a lot in medical and dental expenses (more specifically, if your medical and dental expenses exceeded 10% of your adjusted gross income for the year) you can deduct them. Here are some tips for you to claim a federal income tax deduction for medical and dental expenses.

As mentioned above, the total of your qualified medical and dental expenses must exceed 10% of your AGI to claim a deduction. The exception is if you are married and at least one spouse is 65 or older, the expenses can exceed 7.5%.

Also, you must itemize your deductions; you cannot use the standard deduction. And you must have paid the medical expenses during the same year of tax return you are filing. If you were reimbursed by another source for any of the expenses, you may not deduct those amounts. But you may be able to claim the cost of travel for medical care. To find a list of qualified expenses, visit the IRS website.

Lastly, if you participate in a health savings account or flexible spending account that you used to pay for medical expenses, you cannot claim these as a tax deduction as these funds are already withdrawn on a tax free basis.