Asked by
patriciapotpie
|
Submitted February 25, 2016
How much in medical expenses does one have to have in order for it to be tax deductible?
Answers | 2
Expense amounts greater than 7.5% of AGI
S
Steffanie | 03.29.16 @ 18:21
After reviewing the income tax guidelines, the IRS has indeed raised the percent of expense you must meet before being able to use the excess as a deduction. It is now 10%, but there are always caveats, so it would be in your best interest to check with your tax adviser.
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$commenter.renderDisplayableName() | 10.30.20 @ 08:08
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The amount of medical expenses that can be deducted for tax year 2015 actually depends on age. Persons less than 65 can only deduct the excess of 10% above their adjusted gross income (AGI). AGI appears on line 38 of your 1040. However, seniors aged 65 or older get a special tax break. If either you or your spouse were born before January 2, 1951 you can use the lower threshold of medical expenses exceeding 7.5% of AGI.
$commenter.renderDisplayableName() | 10.30.20 @ 08:08
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