We have put together a list of some of the most common medical deductions. However, it is important to note that you can only deduct qualified, unreimbursed medical expenses that are more than 7.5% of your 2023 adjusted gross income (AGI). For example, if your AGI is $50,000, any qualified medical bills beyond the first $3,750, could be deducted.
Here’s the list of some of the common medical deductions. You can find a full list on the IRS Publication 502 on their website.
• Payments to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and other medical practitioners.
• Hospital and nursing home care.
• Acupuncture.
• Insulin and prescription drugs.
• Admission and transportation to medical conferences about diseases that you, your spouse, or your dependents have, (but meals and lodging don’t count.)
• Dentures, reading or prescription eyeglasses, contacts, hearing aids, crutches, wheelchairs, and service animals.
• Transportation costs to and from medical care.
• Insurance premiums for medical care or long-term care insurance if they’re not paid by your employer and you pay out of pocket after taxes.
Source: Bill Good Marketing, accessed on 11/14/23