What medical expenses can I deduct on my taxes?

What medical expenses can I deduct on my taxes?

You can deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income. This includes costs like hospital bills, prescription medications, and certain long-term care expenses.

Are there any specific limits on how much I can deduct?

Yes, while there is no specific dollar limit on medical deductions, the total must exceed 7.5% of your AGI to qualify. Keep in mind that only the amount above this threshold is deductible.

What if I have health insurance that covers some of my expenses?

If your health insurance reimburses you for any medical expenses, you can only deduct the portion that you paid out of pocket. Make sure to keep track of what was covered by insurance.

Can I deduct expenses for alternative treatments like acupuncture?

Yes, you can deduct expenses for alternative treatments like acupuncture if they are deemed medically necessary and prescribed by a doctor.