Why 7.5 for medical expenses

Continue reading your article with a WSJ membership. Resume Subscription We are delighted that you'd like to resume your subscription. Please click confirm to resume now. Sponsored Offers. Most Popular News. What are qualified medical expenses?

Qualified medical expenses include: hospital care ambulance and other medical transport expenses doctor visits modification of your home for medical reasons prescribed medicines health insurance premiums paid with after-tax dollars including long-term care premiums surgeries dental and vision care preventative care How do I claim the medical expense deduction? Does the increased standard deduction impact my medical deduction?

But wait — does that mean I lost deductions? 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. Transportation counts. Controllable costs are key. Share This Article.

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