taxes

Photo Friday- Taxes and Deducting Medical Expenses

April 7, 2017 / 0 Comments

The deadline for filing federal and state taxes on a personal level is April 17th! I keep meticulous records of all of my expenses. As of 2013, if your medical costs are more than 10% of your Adjusted Gross Income (AGI) you can deduct them. So if you made $40,000 last year and your medical bills totaled $5,000, that’s 12.5% of your income. You can claim over 10%, so in this case you can deduct $1,000 (or 2.5% of your total medical bills), you can claim a deduction for $1,000. A deduction means more money in your pocket or less money that you will have to pay the government, depending on your situation. Thanks to @Jamie Valendy for providing this link to explain the process further: https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/-Can-I-Claim-Medical-Expenses-on-My-Taxes-/INF14196.html

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Katie Golden

Katie is a professional patient, writer for Migraine.com, US Pain Ambassador, patient advocate, speaker, and freelance writer.

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