John Bullis
For the Nevada Appeal

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November 20, 2012
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John Bullis: Medical expenses for income tax deductions

The definition of Medical Expenses that can be claimed on form 1040, Schedule A as Itemized Deductions is very broad.

The regular income tax reduces the medical expenses deduction by 7.5 percent of Adjusted Gross Income. The Alternative Minimum Tax reduces the deduction by 10 percent of Alternative Minimum Tax Adjusted Gross Income.

The published IRS statistics show many taxpayers that have claimed Itemized Deductions have deductible medical expenses.

The allowable expenses include many items. Of course medical insurance premiums count, including the Part B and Part D Medicare premiums. Also direct expenses like doctor and dentist fees, prescriptions, lab …

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The Nevada Appeal Updated Nov 20, 2012 02:20AM Published Nov 20, 2012 02:19AM Copyright 2012 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.