|
According to the tax law, medical expenses can only be deducted to the extent that they are greater than 7.5 percent of adjusted gross income. Most taxpayers remember to include their health insurance premiums, long-term care insurance, dental insurance and Medicare, but there are more deductions available. In addition, you may normally not be able to itemize your deductions, but once you enter your deductible medical expenses into the calculation, you may find out that you are able to itemize your deductions.
Here are a few medical expenses that you may not have considered:
- Air conditioner necessary for the relief from allergies or other respiratory ailments
- Childbirth preparation classes
- Dentures
- Eye surgery for nearsightedness (Lasik and radial keratotomy)
- Hearing aids and batteries
- Household help for nursing care services only
- Medicine and drugs if prescribed and brought in or ordered and shipped from another country, including Canada, only if the Food and Drug Administration announced that the prescribed drug can be legally imported. Otherwise it is not deductible, because you can only include the cost of a prescribed drug that was imported legally.
- Nursing home costs, including meals and lodging, are entirely includible if the main reason for being in the home is to obtain medical care. Otherwise, only the portion of the fee that is actually for medical treatment is includible.
- Smoking cessation programs
- Transportation costs to obtain medical care such as parking, tolls, and use of a personal vehicle at 20 cents per mile.
Thus, if you know you incurred a lot of medical expenses this year, be sure to include them with your tax information since you may just be surprised that some of them will be deductible, and that you may be able to itemize your deductions. Also, they may be deductible this year if there was a decrease in your adjusted gross income.
|
Full Newsletter
