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Medical Tax Deductions

Are you putting the finishing touches on your tax return? Before you send it out to Uncle Sam, you may want to think about all the medical expenses you've incurred over the last year. According to the Internal Revenue Service, when your out of pocket medical and dental expenses exceed 7.5% of your adjusted gross income, youve got a deduction. Any amount over that 7.5% can come off your taxes. For example, if you earn $50,000 a year and you spend $5,000 on medical expenses, the amount over $3,750 is deductible.

So, what medical and dental expenses does the IRS accept?

You Can Include:

>>Cost of fertility procedures.
>>Cost and care for guide dogs.
>>Cost of lead-based paint removal.
>>Cost of vasectomy.
>>Drug and alcohol treatment.
>>Expenses for equipment or improvements to your home needed for health care.
>>Eyeglasses, contact lenses, contact solution.
>>Gym membership (if ordered by doctor)
>>Hospital service fees (lab tests, therapy, and nursing)
>>Laser eye surgery to promote the correct function of the eye.
>>Legal abortion.
>>Medical insurance premiums.
>>Prescription medications.
>>Prescribed birth control pills.
>>Psychiatric care at a medical center.
>>Stop smoking programs.
>>Wages for nursing services.

You Can NOT Include:

>>Bottled water.
>>Cost of nutritional supplements.
>>Diaper Service.
>>Gym membership dues to maintain general heath.
>>Funeral, burial, or cremation expenses.
>>Maternity clothes.
>>Medical insurance included in car insurance policy.
>>Medicine without prescription.
>>Nursing care for healthy baby.
>>Plastic surgery.
>>Toothpaste.
>>Toiletries.

Smart Idea! BRIGHT IDEA

Reporting Your Deduction

Once you have determined which medical care expenses you can include, you must report the deduction on your tax return. The section is located on your 1040, lines 1-4 of Schedule 1A.

LINE 1: Enter the amount you paid for medical expenses after reducing the amount by payments you received from insurance and other sources.

LINE 2: Enter your adjusted gross income from Form 1040, line 34

LINE 3: Multiply the amount on line 2 (adjusted gross income) by 7.5% (.075) and enter the result.

LINE 4: If line 3 is more than line 1, enter zero. Otherwise, subtract the amount on line 3 from the amount on line 1. This is your deduction for medical and dental expenses.

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