How to Get Medical Expense Tax Deductions

Medical expenses

Even for those with good health insurance, can add up over the course of a year. U.S. Federal tax law allows you to deduct certain medical operating expense to lower your tax bill. Learn the situation for how to get medical expenditure tax deductions and how to deduct some not-so-obvious medical expenses.

Instructions

Missouri Tax Extension Forms

1.       Calculate any medical expenses above 7.5 percent of your (AGI) adjusted gross income. For instance, if you’re (AGI) adjusted gross income is $50,000, you can only subtract medical expenses in excess of $3,750.

2.        Add up all medical expenses based on your receipts and canceled checks.

3.       Include all medical miles driven. These include miles driven to doctor's appointments, therapists, a pharmacy or medical conferences for any medical research studies you may be in. Multiple the number of miles by the current standard medical mileage rate to arrive at the deductible dollar amount.

4.       Add up the receipts and medical mileage total. Subtract 7.5 percent of your AGI from this amount to figure your medical expense assumption.

5.       Measure up to whether your tax rate is lower by taking the standard exemption or by itemized deduction.

Get IRS Tax Deductions List