Federal Medical Expense Tax Deductions for 2011, 2012
65Federal Medical Expense Tax Deductions
When itemizing your medical tax deductions, it is important to know what qualifies and how much you can deduct.
You can claim deductions for medical expenses for yourself as well as medical expenses for any of your dependents as long as they were considered your dependent when the medical service was performed.
Any type of payment made in advance for medical treatment will not be deductible until the service is rendered.
Most of us are probably familiar with the standard medical deductions such as hospital expenses, doctor visits, and health insurance premiums that are not paid pre-tax, but there are many other not so common deductions such as:
-
Artificial limbs or teeth
-
Chiropractor fees
-
Hearing aids
-
Alcoholics Anonymous club meetings
-
Purchase and care of a guide dog
-
Transportation services to appointments
-
Home modifications for medical reason
-
Sterilization
-
Television or phone equipment for hearing impaired
-
Laboratory fees
-
Eyeglasses
TurboTax Online will calculate the deduction and prepare the proper forms based on the information you provide.
There are many other deductions that are available to you as well. Medical expense tax deductions can add up to a huge savings for you and your family. If you have a certain item and are wondering if you can deduct it as a medical expense you may want to try on online tax service such as TurboTax.
Under the current federal medical tax deductions you may not deduct certain items such as gym memberships, over the counter medicine, vitamins, cosmetic surgery, dental work considered cosmetic, or any type of veterinary care for an animal.
TurboTax Online offers free tax deduction calculators to help you maximize your tax deductions. The only time you pay a fee is if you decide to use their service to file your taxes.
Medical Expense Tax Deductions Video
Leave a Comment - Join the Conversation!Loading...
Good explanation. Hearing Impairment is a very lonely experience as thousands of the elderly live with some level of hearing loss annually. Thanks for bringing this matter to light.
You complain about raising the deductability limit and you also complain about the deficit. Is anything ever good for you? Stop complaining. No one wants to hear your plight.
it obvious nobody on this board has a clue how insurance works, or have been alive in the last ten years. You guys must have been asleep the entire time bush was in office. That idiot inherited a great economy from Bill Clinton- a democrat. Yes 1992-2000 was great.
Oh yes!!! @ Sharon, Frank, and Williebuilt74. When Republicans get back in charge, everything will be great like it was for the previous administration (joke). WARNING - turn FOX news off and step away from the TV.
Sorry I meant to say 2017 for seniors since that is the age group being discussed.
The AGI limit goes up in 2017. By then the Republicans will be back in charge and everything will be perfect LOL
Not sure how RAISING a AGI limit so that people are responsible for paying for their own medical bills rather than having the gov't retroactively bail them out is socialist, Williebuilt74.
In response to Frank the Crank. I agree with you, but then what else do you expect from an administration whose
goal is to destroy our way of life and turn our once great nation into a socialist republic?
In 2013, Obamacare increases the the AGI limit for itemizing med expenses from the current 7.5% to 10%. This will negatively impact many retired seniors who are paying for "gap" insurance to cover med expenses that medicare does not not pay for...i.e. punishes people who are trying to do the right thing.
Is the purchase of a conversion van for use with a wheel chair bound dependent deductible under the tax code?
Are nursing home expenses deductible? How about payments to private nurse's aides at nursing homes? Are they considered "medical expenses" or tax deductible in any way?
BLAH 5 weeks ago
So if the percentage for medical expenses is increasing to 10% is the standard deduction also increasing????