239 Medical Expense Itemized Deduction

Medical expenses are still deductible on your tax return even after tax reform as an itemized deduction. Of course, the amount of your medical expense itemized deduction depends on the amount of your medical expenses and your adjusted gross income. In order to take a medical expenses as an itemized deduction, your medical expenses have to be more than 7.5% of your adjusted gross income (AGI) on the Form 1040. For example, if your AGI is $100,000, your medical expenses would need to be more than $7,500 before you could take the medical expenses as an itemized deduction. Types of medical expenses that can be deducted are health insurance, doctor, surgeons, hospital care, eye care, opticians, prescriptions, nursing home care, service animals, and dental care. Other medical expenses that can be deducted are: weight loss programs diagnosed for a specific disease or medical condition by a physician. Transportation expenses including mileage for medical purposes are deductible. Costs to attend a conference related to chronic disease is deductible. However, the lodging and food while you are attending the conference is not deductible. Self-employed health insurance may be deductible on the first page of Form 1040 or on Schedule A depending on the taxpayer’s self-employment net income. The deductibility cost for a long term care policy is limited based on age. For 2018, the limitations for long-term care insurance policy is Age attained before the close of the taxable year Maximum deduction for year 40 or less $420 More than 40 but not more than 50 $780 More than 50 but not more than 60 $1,560 More than 60 but not more than 70 $4,160 More than 70 $5,200 Per diem long-term care policies are limited to long-term care expenses of $360 per day. Over the counter drugs, nicotine patches, supplements, etc are not deductible.