U.S. Taxes- Medical deduction?

Question

IRS Publication 502 states that orthopedic shoes are allowable medical deduction, but only for the cost 'above normal shoes.' It does not specify how much regular shoes should cost. Does anyone know if the IRS has a standard cost of regular shoes they use for this?

Answer 1

Find similar shoes, then compare them to the orthopedic ones. The difference is obviously medical. (by similar, I mean don't compare orthopedic dress shoes with sneakers, etc.)

Unless you have a lot of other medical expenses, you may not get a tax benefit from this. Your total medical expenses are only deductible to the extent they exceed 7.5% of your Adjusted Gross Income (AGI). That is if you have income of $40,000 and medical expenses of $4,500, you can only deduct $1,500 ($40,000 * 7.5% = $3,000).

If you work at a place that has a medical flexible spending account (FSA) available, you should set aside an amount that you believe you will spend in 2008 on covered expenses. Check with your Human Resources department for more information.

Answer 2

Answer 2 Orthopedic Shoes

Answer 3

Find the cheapest, skankiest pair of shoes you can find at Wally World and make a note of the facts. Take the deduction for the difference.