How to Write Off Your Tax Deductible Medical Expenses
Tax season tends to bring out the panic in all of us, whether you’re a CPA who ends up sleeping only 2 hours per night because you’re busy finding ways to inject caffeine into your bloodstream, or you’re just a regular ole’ citizen who just wants to make sure the forms get filed in time (and correctly) to Uncle Sam. We’re no tax experts here at GiveForward, but there is a little known secret that we want you to know about: you can write off certain eligible deductible medical expenses on your taxes!
If you choose to itemize your deductions instead of taking the standard deduction (the 2014 standard deduction is $6,200, or $12,400 if you file jointly), you can include deductible medical expenses on your tax return by including them on your Schedule A (1040) form. As a general rule, you can write off anything that is not covered by insurance or reimbursed to you. You can see some of the common expenses below.
Important tip: You are only eligible to deduct these expenses if your total out of pocket medical expenses add up to an amount that is more than 10% of your Annual Gross Income. If you are over the age of 65, that percentage lowers to 7.5%
Some of the most common deductible medical expenses:
- Co-pays and deductibles
- Travel to and from treatment (gas, parking, etc.)
- Annual physicals
- Preventive care
- Medical equipment or devices
- Dental treatment
Examples of expenses that are not deductible medical expenses:
- HSA, FSA or MSA accounts
- Anything reimbursed or covered by insurance
- Cosmetic or elective surgeries
As always, please consult a tax professional for any specific questions or scenarios that may fall outside of these tips; GiveForward is not legally authorized to give tax advice.