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Tag Archive for claim a deduction

Itemized Deductions – Medical And Dental Expenses

You can claim a deduction for medical and dental expenses you incurred, but as a word of caution, you should expect a deduction, only if you incurred major unreimbursed medical expenses during the year. This is so, because you can deduct medical expenses only to the extent that they exceed 10% of your adjusted gross income (AGI).

For example, your AGI is $50,000 and your medical expenses total $6,000. Since 10% of $50,000 is $5,000, you can only take a deduction of $1,000 ($6,000-$5,000). The criteria for applying this restriction, from the government’s perspective, is to prevent taxpayers with large salaries from claiming expenses they can certainly afford, while benefiting lower income taxpayers who are burdened by unforeseen medical costs. Read more