Medical expenses can be deducted on Schedule A - Itemized Deductions. However, there are two hurdles you'll need to pass in order to deduct these expenses:
- Do you have enough other itemizable expenses or will the standard deduction be greater?
- Only those medical costs exceeding 7.5% of your Adjusted Gross Income are deductible
Itemized deductions include:
- Mortgage interest you pay, on up to two homes
- State and local income or sales tax
- Property taxes
- Charitable donations
- Medical and dental expenses
If you add up your expenses in these (above) categories you can compare them to the standard deduction for 2022 which is as follows:
- $12,950 for single taxpayers and married taxpayers who file separate returns
- $19,400 for heads of households
- $25,900 for married taxpayers filing a joint return
Please take a look at the section "Medical expense deductions checklist" in The Ultimate Medical Expense Deductions Checklist . This is a great checklist that will help you capture all of your medical expense. Be sure to add the cost of your medical insurance for the month of January. Once you have a list of all of your medical expenses you'll need to subtract 7.5% of your estimated adjusted gross income (How to Figure Out Adjusted Gross Income) and compare the result to the standard deduction above.
I hope this gives you enough information to determine if you'll be able to deduct your medical expenses. But more importantly, I hope that your health has improved.
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