I am itemizing my tax return. Do I need to be concerned about medical deduction limits?
When itemizing a tax return, medical deduction limits is generally not an issue for most people. You can deduct the medical expenses that are more than a percentage of your adjusted gross income (AGI). Depending on your age and the tax year, this percentage is either:
- 7.5% of your AGI
- 10% of your AGI
You report medical expenses on Schedule A, and you must itemize to deduct them.
You can deduct medical expenses for disease:
If one of those applies, you can also include the associated costs for:
- Diagnostic services
The expenses must be primarily to improve or prevent a physical or mental deficiency or illness.
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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.