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.
Learn how to deduct student loan interest with H&R Block. Get information about qualified education expenses and see if a student loan tax deduction applies to you.
What’s the difference between an enrolled agent (EA) vs. a certified public accountant (CPA)? Explore the roles of EAs and CPAs at H&R Block.
Unfortunately, the cost of your engagement ring can't be deducted as a write-off on your personal income taxes. H&R Block tax pros explain why.
Changing jobs can come with tax implications like job search and moving expense deductions. Learn more about these potential benefits at H&R Block.