Medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if you had medical expenses of $15,139, and an AGI of $100,000, you would subtract $7,500 of those medical expenses to arrive at the deductible amount. Then you would add in your other itemized expenses which include mortgage interest, gambling losses up to winnings, charitable contributions, state and local taxes up to $10,000
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.
The 2024 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $29,200
- Married Filing Separate (MFS) $14,600
- Head of Household (HOH) $21,900
- Single $14,600
Blind or over 65 and MFJ or MFS add $1,550
Single or HOH if blind or over 65 add $1,950
Standard versus Itemized Deduction
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