Is there a gross cap on medical deductions for a tax year? And if so, how do I determine the gross cap on medical deductions for my income bracket?

Never is there a gross cap on medical deductions in a given tax year. You are allowed to deduct all qualified medical expenses if they are more than the annual adjusted gross income (AGI) limit.

The IRS does not have a gross cap on medical deductions because you must itemize all medical expenses and deductible expenses on Form 1040, Schedule A. On the Schedule A you will report all of the medical expenses you paid throughout the year.

In order to claim these medical expenses you will need to provide proper proof or documentation to confirm you expenses. Some acceptable forms of documentation include:

  • Name and address of each person or entity you paid
  • Amount and date of each payment

You should also keep a statement or itemized invoice showing:

  • What medical care was received
  • Who received the care
  • The nature and purpose of any medical expenses
  • The amount of the other medical expenses

You will need to keep the above documents for each medical expense you incur. You do not send these records with your return, but you should keep them with your tax records.  

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Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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