Medical Expense Deductions in 2013

Prior to 2013, taxpayers could only deduct medical expenses to the extent that total medical expenses exceeded 7.5% of the adjusted gross income (AGI). This is the amount that it must exceed before a taxpayer can take a deduction. This concept is known as the “floor.”

The medical expense floor for most taxpayers (except for taxpayers age 65 or older) in 2013 is now 10%. This means a taxpayers total medical expenses must exceed 10% of the AGI before there is a deduction.

Taxpayers age 65 and older can continue to use the floor of 7.5% until 2016 when it will be 10%.

Warning: call_user_func_array() expects parameter 1 to be a valid callback, array must have exactly two members in H:\root\home\sohologics-001\www\atsivcpa\wp-includes\class-wp-hook.php on line 286

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Fatal error: Call to undefined function cl_display_badge() in H:\root\home\sohologics-001\www\atsivcpa\wp-content\themes\atsivcpa\comments.php on line 112