Who can claim medical expense deductions?
The IRS allows medical deductions if you meet two criteria. The first hurdle is whether it makes sense to itemize deductions. So you need to figure out which is bigger: the standard deductible — a figure established annually by the federal government — or the sum total of allowable itemized deductions, including eligible medical expenses, taxes, interest, charitable contributions, casualty and miscellaneous expenses. If the standard deduction is larger than all of these itemized deductions, there is no reason to itemize. One strategy is to bunch up deductions like real estate taxes or charitable contributions into every other year so that your itemized deductions exceed the standard deduction. Remember, you can claim a deduction based on when you pay the bill, rather than its due date, so it may make sense to pay deductible taxes early.
Related Questions
- How do I file a claim for medical, dental or vision expenses for multiple eligible dependents when the expense has the same final patient responsibility and date of service?
- Can I make changes to my bi-weekly payroll deductions if I forsee a large medical expense?
- What is the threshold for medical expense deductions?
