Authorization

Are medical expenses tax deductible? Generally yes, under 2 conditions

Are medical expenses tax deductible? Generally yes, under 2 conditions
Inti St Clair/Getty



Some medical expenses are tax deductible, including payments related to "the diagnosis, cure, mitigation, treatment, or prevention of disease," according to the IRS.




However, you can only begin to deduct medical expenses once they exceed 10% of your adjusted gross income (AGI) and you must itemize your deductions instead of taking the standard deduction.




For example, if your AGI — your gross income less any above-the-line deductions — is $60,000, the first $6,000 in medical expenses are not deductible.




Non-qualifying medical expenses include cosmetic surgery, gym memberships or health club dues, diet food, and non-prescription drugs (except for insulin).




This post has been reviewed for accuracy by Thomas C. Corley, CPA.




Read more personal finance coverage.



If you were burdened by sizable medical bills or health expenses during 2019, there may be some financial relief available to you come tax season.
Some medical expenses are tax deductible, under two general conditions:
1. Your qualifying medical expenses for the year exceed 10% of your adjusted gross income (AGI), which is your gross income less any above-the-line deductions
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Январь 2020    »
ПнВтСрЧтПтСбВс
 12345
6789101112
13141516171819
20212223242526
2728293031