The rules are changing if you plan to itemize medical deductions on your 2013 federal tax return that you will file in 2014.
For many years, taxpayers have been able to claim deductions for allowable medical expenses not covered by health insurance that exceeded 7.5% of their adjusted gross income. Beginning with the 2013 returns that will be filed in 2014, the threshold for claiming medical deductions increases to 10% of adjusted gross income.
There is a temporary exemption through 2016 for individuals age 65 and older and their spouses. If you or your spouse are 65 years or older or turned 65 during the tax year the old rules continue to apply - you are allowed to deduct unreimbursed medical care expenses that exceed 7.5% of adjusted gross income.
Beginning with the 2017 return, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.
For many years, taxpayers have been able to claim deductions for allowable medical expenses not covered by health insurance that exceeded 7.5% of their adjusted gross income. Beginning with the 2013 returns that will be filed in 2014, the threshold for claiming medical deductions increases to 10% of adjusted gross income.
There is a temporary exemption through 2016 for individuals age 65 and older and their spouses. If you or your spouse are 65 years or older or turned 65 during the tax year the old rules continue to apply - you are allowed to deduct unreimbursed medical care expenses that exceed 7.5% of adjusted gross income.
Beginning with the 2017 return, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.
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