Summary
The IRS allows people to deduct certain medical expenses on their tax returns if those expenses exceed 7.5% of their adjusted gross income (AGI). These deductions are only available if a person itemizes deductions instead of taking the standard deduction. Some surprising expenses that qualify for deductions include vision correction surgery and medically necessary wigs.
Key Facts
- You can only deduct medical expenses on your tax return if you itemize deductions.
- Only the portion of medical expenses that exceed 7.5% of your AGI can be deducted.
- Common deductible expenses include prescription eyeglasses and dental care.
- Some lesser-known deductible expenses include wigs and medical transportation.
- Keep detailed receipts and proof that the expenses were medically necessary.
- Acupuncture can be a tax-deductible expense if used for a medical purpose.
- You need to claim qualified medical expenses on Schedule A (Form 1040) when filing taxes.
