The 7. IRS Publication has the full list, but in a nutshell here's what counts as a medical expense. Payments to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists and other medical practitioners. Addiction programs, including for quitting smoking. Dentures, reading or prescription eyeglasses, contacts, hearing aids, crutches, wheelchairs and service animals. Transportation costs to and from medical care. You can only include the medical expenses you paid during the year.
Toothpaste, toiletries and cosmetics. Nicotine gum and patches that don't require a prescription. You'll need to take the following steps. That can mean spending more time on tax prep, but if your standard deduction is less than your itemized deductions, you should itemize and save money anyway. If your standard deduction is more than your itemized deductions, take the standard deduction and save some time. Read more about itemizing versus taking the standard deduction. Schedule A allows you to do the math to calculate your deduction.
Your tax software can walk you through the steps. Additionally, this stands if your health care spending hasn't surpassed the plan deductible without conflicting the rules allowing pretax contributions to Health Savings Accounts HSA. You can enroll in this type of healthcare plan with your employer or you can purchase this healthcare plan through the marketplace. In order to make HSA contributions with pretax dollars, an HDHP may not provide benefits for any year until the minimum deductible for that year is satisfied.
However, HDHPs are not required to have a deductible for preventive care. Generally, medical care premiums can be included in your calculations of medical expenses. However, there are certain medical insurance premiums that you cannot include when calculating your medical expenses for tax purposes:.
See if the Affordable Care Act Obamacare affects your tax return and health insurance premiums. There are certain medical expenses that are not deductible. These expenses include:. You must subtract all reimbursements that you have received for medical or dental expenses from any source throughout the year from your calculation of total medical expenses. If the cost of medical equipment or property was deducted from your taxes in a previous year and you sell that equipment in a later year for a profit, you may have to report a capital gain on your tax return.
The taxable gain is the amount of the selling price more than the adjusted basis of the equipment or property. Did you purchase health insurance through the Marketplace?
You may qualify for the Premium Tax Credit which you can use to help make health insurance more affordable. See what other tax deductions you may qualify to claim on your tax return. Get Your Tax Refund Date. What is DocuClix? Security About eFile. According to the Tax Foundation , 30 percent of households itemize their deductions, while the rest accept a standard deduction.
The IRS probably has much looser rules than your insurance company regarding what it counts as a medical expense. You can claim virtually any medical care that was prescribed by a doctor as a medical expense deduction.
In many circumstances, something that results from a health condition — such as a closed captioning adapter for a television set — is also an allowable medical expense. The IRS maintains an extensive list of medical categories that are deductible in some circumstances if you have a good medical reason for using them.
Out-of-pocket costs, such as co-payments, the policy deductibles you pay and co-payments for medication, are deductible as well. Medicare expenses must exceed the 10 percent threshold to qualify, just like with other health insurance. This deduction will be entered on your Form , and not shunted with your other medical deductions on a Form A.
You know what to look for, but keep an eye out for home tax preparation software or a tax preparer to make your job much easier. Although the IRS still accepts paper tax forms, some states only accept electronic filings.
Your taxes will also be processed much faster. Tax preparation costs just so happen to be another deductible expense. We do not sell insurance products, but there may be forms that will connect you with partners of healthcare. You may submit your information through this form, or call to speak directly with licensed enrollers who will provide advice specific to your situation.
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