The percentage for deducting medical expenses on Schedule A increases to 10% of adjusted gross income this year, versus the 7.5% allowed for 2018. Historically, most taxpayers don’t meet this threshhold—and we anticipate even fewer with the larger percentage requirement—but it is still worth investigating, particularly if you or your family members have undergone any significant medical procedures in the past 12 months.
To figure out if you have enough medical expenses to claim a deduction, the formula is to multiply your Adjusted Gross Income by 10%. For example:If your Adjusted Gross Income is $100,000.00, any out-of-pocket medical expenses above $10,000.00 can be added to Schedule A as a deduction.
If it is available, the best way to deduct your medical expenses is still to take advantage of a Flexible Spending Account through your employer.
Please note that we do not need to see copies of your medical and dental receipts! The total amount of all of your medical expenses is all we need to include on Schedule A if you are itemizing. If the deduction for medical expenses is ever questioned, we will need the receipts at that time, but otherwise, you should maintain the privacy of your medical information just as you would with any service provider.
