ASK MICKEY, CPA: I have several medical conditions and was wondering what medical expenses can I deduct and how much?
ANSWER: You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income.
Deductible medical expenses include payments to:
Fees to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners.
Inpatient hospital care or residential nursing home care,
Acupuncture treatments or inpatient treatments at a center for alcohol or drug addiction; or for participation in a smoking-cessation program and for drugs to alleviate nicotine withdrawal that require a prescription.
Participation in a weight-loss program for a specific disease or diseases diagnosed by a physician, including obesity, but not ordinarily payments for diet food items or the payment of health club dues.
Insulin and for drugs that require a prescription for its use by an individual.
Admission and transportation to a medical conference relating to a chronic illness of you, your spouse, or your dependent
False teeth, reading or prescription eyeglasses, contact lenses, hearing aids, crutches, wheelchairs, and for a guide dog or other service animal to assist a visually impaired or hearing disabled person, or a person with other physical disabilities.
Transportation primarily for and essential to medical care that qualify as medical expenses,
Insurance premiums you paid for policies that cover medical care or for a qualified long-term care insurance policy covering qualified long-term care services.
Certain costs related to nutrition, wellness, and general health are considered medical expenses.
NOTE: If you’re self-employed and have a net profit for the year, you may be eligible for the self-employed health insurance deduction. This is an adjustment to income, rather than an itemized deduction, for premiums you paid on a health insurance policy covering medical care, including a qualified long-term care insurance policy for yourself, your spouse, and dependents.
#medical #taxdeductions #medicaldeductions #taxpreparer #tax # #cpa #cpafirm #taxpreparation Thomas M. “Mickey” O’Neal, CPA
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