Are my medical and dental expenses deductible?

Wondering if your medical and dental expenses are deductible? Maybe… There are a couple important things to considered.

First, add up all medical and dental expenses. Include expenses paid for yourself, spouse or dependent (such as a child). Make sure to count any expenses you paid in 2015. Note that these payments count for the date of payment, not when a medical service was received. Expenses that qualify include, co-payments, doctor visits, procedures, some insurance premiums, medical supplies, medical related mileage and transport cost.

Second, you need to see if your total expenses are more than a certain threshold amount. For most people, the amount is 10% of your adjusted gross income. If they are you may deduct the amount that exceeds 10%.

Are you 65 or older? You have a lower threshold amount. You may deduct total medical expenses that exceed 7.5% of your adjusted gross income through the year 2016. If you're married and only one of you is 65%, you can still write off expenses over 7.5%.

This information is provided by IRS: Tax Tip 2016-35: Claiming a Tax Deduction for Medical and Dental Expenses

If you have additional questions, please contact our office - 941-225-2615

Jo Ann Koontz

joann@koontzassociates.com 941-225-2615