How do medical expense write offs work?

Question

What qualifies as a medical expense write off on your taxes? I broke my ankle, which required surgery and have various medical expenses now due to it, I was wondering if I qualified.

Answer 1

Your medical bills must exceed 7.5% of your adjusted gross income before you can start including the expense as an itemized deduction. BUT keep in mind that your itemized deductions still must exceed your standard deduction in order to benefit you by claiming them.
For example, based on 2005 information, say you make $50,000 wages as your only income, you have no reductions to income so your AGI is $50k. Assume you are single and are eligible for teh $5k standard deduction. 7.5% of your AGI is $3,750. That means the first $3,750 in medical expenses is thrown out the window. If you paid $5k in medical expenses you could only list $1,250 towards your itemized deductions. If you had no other itemized deductions, it would not benefit you because the government is giving you a $5k deduction (standard) and this is higher than $1,250.
There are many things that count as medical expenses. Go to www.irs.gov and track down Publication #17. This will help you with a list of what is deductible as a medical expense.

Answer 2

Generally it has to be about 7.5% of your gross adjused income. Check out www.irs.gov and look up medical expenses. You'll also find it in form1040, schedule A at the top for itemized deductions.
There are many factors that affect this getting deducted, so I left it in general terms.

Answer 3

Its what you spend on medical bills each year. Its according to your adjusted gross income on how much of that money is tax deductable. It can be any bills that deals with medical expenses.

Answer 4

It's your out of pocket (not copay) expenses that aren't covered by insurance. I deduct glasses, meds, etc.