when itemizing,what is the minimum in med expenses needed before you can deduct on your taxes
2007-12-03 14:02:54 · 3 answers · asked by j h 1 in Business & Finance ➔ Taxes ➔ United States
You can deduct medical expenses that exceed 7.5% of your adjusted gross income as long as you itemize.
Example - Your AGI is $30,000 and you have $3,000 in qualifying medical expenses. 7.5% of $30,000 is $2,250. You can deduct $750 in medical expenses ($3,000-$2,250).
2007-12-03 14:25:35 · answer #1 · answered by The Shadow 6 · 0⤊ 0⤋
You have to subtract 7.65% of your adjusted gross income from your medical expenses, then can deduct the rest if you itemize. To itemize, your total allowable deductions would have to be over the standard deduction, $5350 if you are filing as single, and $10,700 for married filing a joint return.
2007-12-03 16:37:33 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
7.5% of your AGI before you can deduct anything, It is an itemized deduction so if you aren't already itemizing you will need to have more expenses. Married people need over 10K it itemize.
2007-12-03 14:06:20 · answer #3 · answered by shipwreck 7 · 2⤊ 0⤋