{"id":3545,"date":"2019-02-13T02:00:54","date_gmt":"2019-02-13T02:00:54","guid":{"rendered":"https:\/\/www.ua-cpas.com\/blog\/?p=3545"},"modified":"2019-06-11T01:01:08","modified_gmt":"2019-06-11T01:01:08","slug":"medical-expense-deduction","status":"publish","type":"post","link":"https:\/\/www.ua-cpas.com\/blog\/index.php\/2019\/02\/13\/medical-expense-deduction\/","title":{"rendered":"Don&#8217;t Forget About the Medical Expense Deduction"},"content":{"rendered":"<div class=\"row\">\n<div class=\"col-xs-12\">\n<p>The Tax Cuts and Jobs Act of 2017<span style=\"color: #800080;\">\u00a0<strong>lowered the threshold for the deduction of medical and dental expense<\/strong><\/span>.<\/p>\n<figure id=\"attachment_3546\" aria-describedby=\"caption-attachment-3546\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-3546\" src=\"https:\/\/www.ua-cpas.com\/blog\/wp-content\/uploads\/2019\/02\/medical-exam-300x148.jpg\" alt=\"\" width=\"300\" height=\"148\" srcset=\"https:\/\/www.ua-cpas.com\/blog\/wp-content\/uploads\/2019\/02\/medical-exam-300x148.jpg 300w, https:\/\/www.ua-cpas.com\/blog\/wp-content\/uploads\/2019\/02\/medical-exam.jpg 320w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-3546\" class=\"wp-caption-text\">Medical Expense Deduction<\/figcaption><\/figure>\n<p>The new law permits taxpayers to deduct\u00a0unreimbursed medical expenses\u00a0that are in excess of 7.5% of their adjusted gross income (AGI), down from 10% previously.\u00a0This change, unlike others, was made\u00a0retroactive to January 1, 2017. To be deductible, the expenses may not be reimbursed by insurance or elsewhere.\u00a0For example, a family with AGI of $60,000 would have to spend more than $4,500 on\u00a0<em>unreimbursed<\/em>\u00a0medical expenses to qualify for any deduction. That floor rate may seem high, but with the increases in medical costs in recent years, expenses can add up quickly. Many families have no, or little, coverage for vision care or dental care. And an unexpected illness or accident can lead to thousands of dollars of unreimbursed expenses.<\/p>\n<h3><span style=\"color: #800080;\">Out-of-Pocket Expenses<\/span><\/h3>\n<p>Only out-of-pocket costs can be deducted, that is, expenses not paid for by insurance or an employer. And expenses that are paid with money from tax-advantaged accounts (such as health savings accounts or flexible spending accounts) are not deductible either. Nor are any health insurance premiums automatically drawn from your paycheck on a pretax basis.<\/p>\n<p>Nonetheless, the list of medical expenses that\u00a0<em>can<\/em>\u00a0qualify for the deduction is quite long. Medical insurance, long-term care insurance, doctors&#8217; bills, tooth repairs, eyeglasses and contact lenses, hearing aids, laboratory fees, oxygen, psychiatric care, stop-smoking programs, surgery, medical equipment and X-ray costs, for example, can all qualify. Medical travel and lodging also qualify for the deduction. In addition, the expenses of dependent family members can also qualify for deduction.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Tax Cuts and Jobs Act of 2017\u00a0lowered the threshold for the deduction of medical and dental expense. The new law permits taxpayers to deduct\u00a0unreimbursed medical expenses\u00a0that are in excess of 7.5% of their adjusted gross income (AGI), down from 10% previously.\u00a0This change, unlike others, was made\u00a0retroactive to January 1, 2017. To be deductible, the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":3546,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[113],"class_list":{"0":"post-3545","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tax-tips-for-individuals","8":"tag-individual-income-taxes","9":"entry"},"_links":{"self":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=3545"}],"version-history":[{"count":3,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3545\/revisions"}],"predecessor-version":[{"id":3549,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/3545\/revisions\/3549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/media\/3546"}],"wp:attachment":[{"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=3545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=3545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ua-cpas.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=3545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}