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Medical expenses: What it takes to qualify for a tax deduction

Posted by Admin Posted on Nov 26 2019

Medical services and prescriptions are expensive. You may be able to deduct some expenses on your tax return but the rules make it difficult for many people to qualify. You may be able to time certain medical expenses to your tax advantage. For 2019, the medical expense deduction can only be claimed to the extent unreimbursed costs exceed 10% of your adjusted gross income. You also must itemize deductions. If your total itemized deductions will exceed your standard deduction, moving nonurgent medical procedures and other expenses into 2019 may allow you to exceed the 10% floor. This might include refilling prescriptions, buying eyeglasses, going to the dentist and getting elective surgery.