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You can only deduct the expenses in the year you actually paid the bill.
You can only deduct the expenses in the year you actually paid the bill.
Is there a minimum amount or percentage of your income that you have in order to deduct medical expenses?
@Markusdb1 wrote:
Is there a minimum amount or percentage of your income that you have in order to deduct medical expenses?
Only the amount of medical expenses which is greater than 7.5% of your Adjusted Gross Income (AGI) can be entered as an itemized medical deduction on Schedule A.
For example - If your AGI is $50,000 then only amount of medical expenses over $3,750 can be entered as a deduction.
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