Thursday, August 11, 2011

Can u deduct health expenses for tax writeoffs?

Medical expenses are subject to a 7.5% AGI floor, not 2%. Your take-home is irrelevant but if your AGI was $43,000 that works out to $3,225. Yours is well below that, so nothing is deductible yet. Also, you need to exceed the standard deduction to get any benefit from itemizing. For a single individual in 2011, that's $5,800. Therefore if medical bills is your only deduction, you'd need $9,025 before you'd get a dime in tax savings.

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