When can I deduct medical expenses? And what is considered a deductible medical expense?
When you can deduct medical expenses depends upon when you had the medical service or treatment. On your tax return you can deduct the medical and dental expenses you paid for this year for yourself, your spouse and your dependent. It doesn’t matter when you received the services, it only matters that you paid for the medical services this year.
Deductible medical expenses may include, but are not limited to the following:
Medical supplies and equipment
Routine dental exams
Glasses and contacts
To claim medical expenses on your tax return you must itemize your tax return. If you itemize, you will not be allowed to take the standard deduction. You will need to calculate both methods to determine which gives you a lower tax.
If your itemized deductions are greater than your standard deduction, then you should complete Form 1040, Schedule A. If the itemized deductions are less than your standard deduction, then your should take the standard deduction. For more information about itemizing medical expenses, visit: Topic 502: Medical and Dental Expenses.
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You can claim the standard deduction or itemize deductions to lower your taxable income. The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. You can claim whichever lowers your tax bill the most.
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