Wednesday, September 21, 2011

What sorts of medical expenses are tax deductible? Are therapy, prescriptions and dental deductible?

I recently changed jobs and it is a smaller company. I am paying more and more medical expenses out of pocket and I need to know how I can claim them as deductions.What sorts of medical expenses are tax deductible? Are therapy, prescriptions and dental deductible?
Yes all of those are deductible. Just about anything medical except cosmetic surgery and over the counter drugs are deductible.



The whole list of them is talked about in Publication 502 Medical and Dental Expenses - http://www.irs.gov/pub/irs-pdf/p502.pdf



Of course you have to itemize all of your deductions to take advantage of them - not just medical - and hope that they are more than your standard deduction which is based on your filing status. And unfortunately only those medical expenses over 7.5% of your gross income counts.What sorts of medical expenses are tax deductible? Are therapy, prescriptions and dental deductible?
Yes, the items you mention are deductible.



But to deduct them you have to itemize, and can only deduct the portion of medical and dental expenses that is over 7.5% of your adjusted gross income.
Yes, as well as transportation to and from the appointments. However, there is a high limit on medical expenses, so you really have to have a lot of expenses in order to deduct anything.

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