2007-02-01 23:17:38 · 4 answers · asked by ryanjp 1 in Business & Finance ➔ Taxes ➔ United States
medical expenses need to exceed 7.5% of your adjusted gross income (AGI) in order to be deductible. you must also be able to itemize your deductions on schedule A instead of taking the standard deduction.
2007-02-01 23:22:22 · answer #1 · answered by tma 6 · 0⤊ 0⤋
Medical expenses that you paid in 2006 may be deductible, but there are limitations.
Figure your income, then take 7.5%. Medical expenses over that amount can be put on Schedule A and deducted if you use Schedule A instead of the standard deduction.
For example, if your income is $10,000 and your medical expenses are $1,000, then your medical deduction on Schedule A is $1,000 - $750 or $250.
2007-02-02 07:29:16 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
Medical expenses must exceed 7.5% of your AGI to be deductible. If your AGI is $20,000, the first $1,500 in medical expenses are not deductible.
2007-02-02 07:24:35 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
It has to be 2% or greater of your overall income to be deductable.
2007-02-02 07:19:57 · answer #4 · answered by tabulator32 6 · 0⤊ 3⤋