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Medical Deductions

As you prepare to file your taxes, one of the questions we hear regularly is, “what medical expenses can I deduct from my taxes?”

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


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