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.
Are you self-employed and paying health care premiums? Find out if you can deduct health insurance on Schedule C health insurance with help from H&R Block.
You can claim the standard deduction vs. itemize deductions to lower your taxable income. The standard deduction lowers your income by one fixed amount. Itemized deductions are made up of a list of eligible expenses.
Brush up on your tax vocabulary with the experts at H&R Block. We break down the definitions of tax credits, exemptions, and deductions.
Looking for more information about your Massachusetts refund? Find out details on how to check your refund status, who to contact, and more from H&R Block.