Dear John, I am trying to get me medical expenses together because I think I have enough of them this year (along with other things) to itemize this year. Can you please tell me what the conditions for claiming medical expenses are? Thanks, Jon
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Hi Jon,
Well, let me express that I am sorry that you had so many medical expenses this year – the medical deduction never really makes up for it the hardships so often involved with the medical problems does it?
There are a number of things that you need to keep in mind about the itemized medical deductions on your Schedule--A. First, in order to have enough to claim, your medical expenses must be more than your AGI. So, for instance, if your AGI is $100,000 then you will have to have had $7,501 dollars in med expenses to begin taking this deduction.
Your expenses are only those expenses made during the year and reduced by any amounts reimbursed to either yourself or directly to the care provider.
You may include qualified medical expenses for:
- yourself
- your spouse
- a person you claim as a dependent under a multiple support agreement
- If either parent claims a child as a dependent under the rules for divorced or separated parents, each parent may deduct the medical expenses he or she actually pays for the child.
- someone who would have qualified as your dependent except that the person didn't meet the gross income or joint return test.
I know it can be a bit confusing at times so if you should need any help figuring it out, please know that I am always accepting new clients.
Thanks,
John
Your example AGI has me confused. What's the minimum AGI I can have in order to qualify for the deduction? I thought that to get the deduction, your medical expenses had to exceed 7.5% of your AGI. Or is that what you meant?
ReplyDeleteI believe that is what you meant John. I hope for anyone's sake that their medical expenses do not exceed their AGI. I like the explaination though.
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