Asked by
patriciapotpie
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Submitted February 25, 2016
How much in medical expenses does one have to have in order for it to be tax deductible?
Answers | 2
Answered by
Steffanie Staples, Insurance Agent in South Jordan, UT
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() | 04.25.18 @ 05:07
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Answered by
Cynthia Williamson, CPA in Overland Park, KS
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() | 04.25.18 @ 05:07
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