Blog‎ > ‎

Medical expense deductions for 2013

posted Feb 16, 2014, 10:56 PM by Zaher Fallahi

If you itemize your deductions on Form 1040, Schedule A, and are eligible to deduct

unreimbursed expenses you paid that year for medical and dental care for yourself, your

spouse, and your dependents, new rules may affect how much you can deduct this year.

 

Most people who itemize their deductions may deduct only the amount of their total

unreimbursed allowable medical expenses that exceeds 10 percent of their adjusted

gross income. That means if your adjusted gross income before itemized deductions and

exemptions is $50,000, you can only deduct unreimbursed medical expenses that exceed

$5,000.

 

Temporary exemption for taxpayers age 65 and older

There is a temporary exemption for individuals age 65 and older until Dec. 31, 2016. If

you are age 65 or older, you can continue to deduct total medical expenses that exceed

7.5 percent of your adjusted gross income through 2016. If you are married and only one

of you is age 65 or older, you can still deduct total medical expenses that exceed 7.5

percent of your adjusted gross income.

This exemption is temporary. After 2016, everyone may only deduct medical expenses to

the extent that your total medical expenses exceed 10 percent of your adjusted gross

income before you can take a deduction.

If you need assistance with your tax preparation, tax planning, accounting, payroll processing, and the IRS representation including disclosure of your undeclared foreign bank accounts, you may contact Zaher Fallahi, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to taxattorney@zfcpa.com.

Comments