The definition of IRS for medical expenses is, “A deduction is allowed only for expenses paid for the prevention or alleviation of a physical or mental defect or illness. Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or treatment affecting any structure or function of the body." IRS has set a cut off point at 7.5% for deducting the tax in medical expenses. It means that it is permissible to count the medical expenses that are more than 7.5% of your gross medical expenses. Keeping this limit in mind, you need to carefully plan your medical expenses and see how you can get maximum tax benefit. Here are some of the points that would help you to know what qualifies for deduction and the amount that can be deducted:
While opting for tax deduction on medical expenses, you need to fill up a form in the income tax return after totalling your annual medical expenses. Moreover, make sure that you save all the medical bills and the payment statements as proof of your expenses.
Read more articles on Health Insurance
Though all possible measures have been taken to ensure accuracy, reliability, timeliness and authenticity of the information; Onlymyhealth assumes no liability for the same. Using any information of this website is at the viewers’ risk. Please be informed that we are not responsible for advice/tips given by any third party in form of comments on article pages . If you have or suspect having any medical condition, kindly contact your professional health care provider.