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Personal Finance
Tax relief
how do I know if I am eligible for medical tax deduction?
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[QUOTE="Learners Quest, post: 5045, member: 250"] You can know if you're eligible for a medical tax deduction if you have already purchased health insurance and have unreimbursed medical expenses this year. Your total expenses for the year must exceed 10% of your adjusted gross income for the year, but not exceed 7.5% of your adjusted gross income. If you are eligible, then use IRS Form 1040, Schedule A to calculate your deduction on both itemized deductions and as an alternative method of calculating the standard deduction. If you're not eligible for a medical tax deduction, then deduct only unreimbursed qualified medical out-of-pocket expenses from any miscellaneous deductions subject to 2% floor on form 1040 line 28 and itemize otherwise on schedule A with other miscellaneous items that are subject to 2%. [/QUOTE]
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how do I know if I am eligible for medical tax deduction?
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