Deductible medical expenses may include but aren't limited to the following: Payments of fees to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners. Payments for inpatient hospital care or residential nursing home care, if the availability of medical care is the principal reason for being in the nursing home, including the cost of meals and lodging charged by the hospital or nursing home.
If the availability of medical care isn't the principal reason for residence in the nursing home, the deduction is limited to that part of the cost that's for medical care. Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction; or for participation in a smoking-cessation program and for drugs to alleviate nicotine withdrawal that require a prescription.
Payments to participate in a weight-loss program for a specific disease or diseases diagnosed by a physician, including obesity, but not ordinarily payments for diet food items or the payment of health club dues. Payments for insulin and for drugs that require a prescription for its use by an individual. Payments made for admission and transportation to a medical conference relating to a chronic illness of you, your spouse, or your dependent if the costs are primarily for and essential to necessary medical care.
However, you may not deduct the costs for meals and lodging while attending the medical conference. Payments for false teeth, reading or prescription eyeglasses, contact lenses, hearing aids, crutches, wheelchairs, and for a guide dog or other service animal to assist a visually impaired or hearing disabled person, or a person with other physical disabilities.
Payments for transportation primarily for and essential to medical care that qualify as medical expenses, such as payments of the actual fare for a taxi, bus, train, ambulance, or for transportation by personal car; the amount of your actual out-of-pocket expenses such as for gas and oil; or the amount of the standard mileage rate for medical expenses, plus the cost of tolls and parking.
If your total deductions are higher than the standard deduction, it may make sense to itemize. Medical expense deductions aren't the only factor to consider. You may also want to itemize deductions if you:. Some people don't qualify for the standard deduction. How deductions affect your state tax bill may also factor into your decision. For more information, visit the IRS website , which has a tool you can use to see if you can deduct medical expenses, use tax preparation software or talk to your tax preparer.
Lower Your Health Care Costs Itemizing medical expenses is just one way to lower your health care costs. If you pay any health insurance premiums out of pocket, know that a late or missed payment can negatively affect your credit score. Consider setting up automatic payments to ensure that both you and your credit stay in good health. Learn what it takes to achieve a good credit score. The purpose of this question submission tool is to provide general education on credit reporting.
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You should consult your own attorney or seek specific advice from a legal professional regarding any legal issues. Please understand that Experian policies change over time. Posts reflect Experian policy at the time of writing. If your total costs exceed 7. But in order to deduct medical expenses, you have to itemize your deductions.
This is in contrast to the two scenarios described above—the self-employed health insurance premium deduction and the Health Savings Account deduction—both of which can be utilized regardless of whether you itemize deductions.
The Tax Cuts and Jobs Act, enacted in late , substantially increased the standard deduction, making the standard deduction the better choice for most tax filers. In order to benefit from itemizing your deductions, you'll need a lot of expenses that can be itemized.
Depending on your medical costs and other itemizable expenses, you may come out ahead this way. And you should certainly keep track of your medical expenses throughout the year so that you'll be able to sort it all out at tax time. But keep in mind that with the new standard deduction amounts, it's much less likely now that you'll end up itemizing your deductions, including medical expenses.
This is just an overview of how the IRS treats health insurance premiums. If you have questions about your specific situation, but sure to speak with a tax advisor.
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