A List of Medical Expenses Tax Deductions
Tax | April 20, 2010 at 12:58 amThere are several ways to deduct taxable income. However, people find it extremely difficult to it itemize their medical expenses tax deductions. While majority of us are aware about the common expenses that can be deducted, there are many others that are still not known widely. Let’s have a look at few of them.
You can, as a tax payer, include expenses that are paid for your family or any other dependents, for deductions. The common ones are:
- Payments made on premiums for long term care insurance, dental, and all other medical insurances.
- Deductibles on insurance including co-payments
- Any visiting charges paid to dentists, psychiatrists, doctors, health practitioners, and chiropractors
- Payments made to long term care facilities, hospitals, lab fees, nursing homes, and so on.
- Expenses paid to cover cost of medicines, insulin, and other drugs.
- Expenses paid to purchase hearing aids, eyeglasses, contacts or false teeth.
These were, however, some of the very common medical expenses tax deductions. Apart from these, there are few others that aren’t known to all tax payers.
- Any expenses paid to have acupuncture healing
- Any expenses paid to cure drug or alcohol treatment, or any related visiting charges
- Any expenses to enroll in smoke-cessation plans
- Any expenses to participate in programs such as weight loss, or to diagnose obesity and hypertension
- Expenses paid for treatments like laser eye surgery, of for crutches, guides for old and blinds, or for wheelchairs
- Traveling costs related any of the above treatments or services
I guess pretty much every medical expense is deductible. Are there any things that are not deductible? Yes, there are few expenses that cannot be considered as deductible.
- Diet food, and health club fees
- Funeral related expenses
- Expenses paid for cosmetic surgeries
- Expenses paid to purchase nicotine gums and patches, which are available without any prescription
Now that you know which medical expenses are deductible, how do you claim them?
To claim medical expenses tax deductions that aren’t reimbursed by any insurance companies or any other organizations, you will first have to calculate the total deductible amount, and accumulate all the receipts and bills, which will be required as proof. Now these costs should be mentioned in Form 1040, Schedule A, and it should exceed 7.5% of one’s AGI (Adjusted Gross Income). That’s it.
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I always prefer to read all the articles on this website as it has given many information and is helpful in real life.
Medical expenses are really very bad. ONce it starts u get long bills of medicines!
This blog is really very good. It has come very handy for me.
Are these expenses applicable in all the countries or selected?
I reckon all these expenss are huge in medication and it is deductible! That is really nice.
There are so many problems and so many diseases occuring. People will get tired of including many medical deductions.
At this pace, one day will come where all the medical expenses will be deductible.