Unveiling the Hidden Gems: Navigating Deductible Health Care Expenses: Maximizing Your Tax Savings

Deductible Health Care Expenses: Maximizing Your Tax Savings

IRS Topic 502 explains the rules for deducting medical and dental expenses on your tax return. If you itemize deductions on Schedule A (Form 1040), you may deduct expenses that exceed 7.5% of your adjusted gross income. These expenses can include payments for medical care, dental treatments, prescription medications, and even certain transportation costs related to medical care. However, only expenses not covered by insurance or other reimbursements are eligible. For more details, you can refer to the IRS's official resources.

See Also: Topic no. 502, Medical and dental expenses

See Also: Frequently asked questions about medical expenses related to nutrition, wellness and general health

Unveiling the Hidden Gems: Navigating Deductible Health Expenses for a Healthier Wallet