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Ask taxmanrog Your Own Question
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 623
Experience:  Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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I paid 3750 in medical bills and that dose not count the

Customer Question

I paid 3750 in medical bills and that dose not count the prescription drugs. Can I take this off on my taxes
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I earned 57,705 gross and had 1306 taken out for the 401k, do I qualify to deduct my medical bills.
JA: Is there anything else the Accountant should be aware of?
Customer: nothing that I can think of
Submitted: 5 months ago.
Category: Tax
Expert:  taxmanrog replied 5 months ago.

Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Expert:  taxmanrog replied 5 months ago.

In order to deduct your medical costs, they have to exceed 10% of your adjusted gross income (AGI). If wages are your only income item (you do no have interest, dividends, state tax refunds, self-employment income, or any other item of taxable income) your AGI is $56,399. 10% of that would be $5,640. If you have $3,750 of medical bills, they are not deductible unless your prescription drugs exceed $1,860. That assumes that you are under age 65. If you are age 65 or older, 2016 is the last year that the threshold will be 7.5%.

If you are 65 or older in 2016, your 7.5% of AGI is $4,230. If that is the case, then your prescription drugs only have to be $480. If they are more than that, your can deduct your medical expenses.

I hope this answers your questions! If you have any more, please let me know and I will clarify.

Thanks! Have a great weekend!

Roger