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HOW MUCH OF MY MEDICAL BILLS CAN I WRIE OFF?WHAT PERCENTAGE?

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HOW MUCH OF MY...

HOW MUCH OF MY MEDICAL BILLS CAN I WRIE OFF?WHAT PERCENTAGE?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Yes i'm trying to find out how much of my medical bills can i write off?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No,just a question as my accountant said i couldnt write any medical bill off..

Submitted: 7 months ago.Category: Tax
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1/5/2018
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,231
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago

For 2017 and 2018, you can deduct medical expenses to the extent that they exceed 7.5% of your adjusted gross income. This is a change due to the new tax law. For 2016 and prior, the medical expenses had to exceed 10% of your adjusted gross income.

The medical expense deduction only works if you have enough other itemized deductions to exceed the standard deduction. Depending on your age, the standard deduction for a married couple filing joint is $12,700. If you are single, it is $6,500. If you are over 62, the standard deduction can increase. So in order to use the medical expenses, these medical expenses when added to your state income tax, property tax, mortgage interest, charitable deductions, and miscellaneous itemized deductions combined would have to exceed $12,700. Perhaps that is what your accountant was talking about. If your actual itemized deductions total less than the standard deduction, then you are better off using the standard deduction. Perhaps this is what your accountant was talking about.

I hope this answers your question! If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

I hope this answers your

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 7 months ago

I have not heard back from you. Do you have any more questions?

If not, please don't forget to rate me, as that is how questions are closed.

Thanks!

Roger

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