There is good news this year on the medical front. Medical expenses may be expensive, but uncovered medical expenses are deductible when you itemize your medical deductions, to cut back on the cost. Before you get too excited, along with the good news comes the bad.
In the past you could deduct medical expenses that exceeded 7.5% of your AGI, however, now the threshold has gone up to 10%. This means your expenses have to be higher for you to take advantage of this deduction or if you are over 65, you won’t have to worry about this change.
Often overlooked medical expenses
These medical expenses apply for your spouse and dependents too. Your parents can fall under this category if you provide them with more than half of their support. Additionally, if your dependent died during the year, you can still claim their expenses.
As long as you plan carefully when paying medical expenses, you will be able to save money during tax time. When you file with TurboTax discount, they will ask all of the right questions to make sure you get all of the deductions that you qualify for and the biggest refund. The free TurboTax refund calculator allows you to know the amount of money you should be getting back in your tax refund.
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