The IRS allows you to deduct medical expenses.
But how much can you deduct and what is included?
Can your 401k plan get you a tax break?
What can be deducted?
The IRS allows you to deduct medical expenses if they have not been reimbursed. Typically, you cannot claim more than 10% of your Adjusted Gross Income(AGI). Read more about it here.
If you or a dependent has been in the hospital or had any pricey procedures, be sure to keep the receipts.
If you qualify and have unreimbursed medical expenses over 7.5% of your AGI from 2021, they can be deducted on your 2021 tax returns.
The threshold was previously 10% but was dropped to 7.5% in 2019.
Some expenses that you can deduct include:
- doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists
- hospital or nursing home care
- programs to help people overcome addictions, such as quitting smoking
- weight-loss programs for diseases diagnosed by a doctor, such as obesity
- prescription drugs and insulin
- admission and transportation to medical conferences relating to diseases that you, your spouse, or your dependents have
- dentures, reading glasses, contacts, hearing aids, crutches, wheelchairs, and service animals
- transportation to and from appointments
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