What is the logic for a ten percent medical deduction and a seven and half percent...

What is the logic for a ten percent medical deduction and a seven and half percent medical deduction? You must discuss what the percent base is and the logic.

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Expert Solution

As per IRS ( Internal Revenue Service ) allows tax payer some relief in terms of Medical expenses deduction - partly tax deductable Now see below deduction value of medical expenses

In 2019 , the IRS allows all taxpayer to deduct the Total Qualified un reimbursed

medical care expenses for the year that exceeds 7.5% of their adjusted Gross Income ( AGI) . Now start of 2020, this amount has been increased to 10% of AGI .

As per IRS guideleine , following medical expenses are deductable - preventive care , treatment of surgery , dental and vision care -- as Qualifying medical expenses

Individual can also deduct visit to psychologist . presecription medications , appliances such as glasses , contact , false teeth and hearing aids are also deductable

Remember one Point - any medical expenses which anyone are reimbursed , can not be deductable

To avail this deducion benefit , individual must fill up FORM 1040

ekkarill92 answered 1 year ago

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