Medical
expense deduction is a little tricky. If deducted by itself, it often will not
increase your refund.
First,
only amount over 10% (7.5% if you are born before Jan 2, 1951) of your Adjusted
Gross Income can be deducted. Then, that amount must exceed your standard
deduction (fixed amount given by the IRS based on your filing status)
Examples:
*Let’s
say you are single, age 40 and Your AGI is $50,000. Your medical expenses are
$3000. That amount will make no
difference because it’s less than 10% of your AGI.
*Let’s
say you are single, age 40 and Your AGI is $50,000. Your medical expenses are
$6000 – based on the 10% rule, you may deduct $1000 as a medical expense. The amount may increase your refund if you have
other itemized deductions (home, charity, state income taxes, etc.) and they
exceed your standard deduction (fixed amount given by the IRS) of $6,300, for 2015.
*Let’s
say you are single, age 40 and Your AGI is $50,000. Your medical expenses are
$6000 and you have mortgage of $7000 – you will see an increase of your refund,
because $1,000 of your medical expenses plus $6,000 as mortgage do exceed your
standard deduction for the year ($6300).
*Let’s
say you are single, age 40 and Your AGI is $50,000. Your medical expenses are $16000
– you will see the increase in your refund.
Your medical expense deduction is $11,000 (10% rule) and it exceeds your
standard deduction of $6,300.
https://ttlc.intuit.com/questions/2568848-what-s-my-standard-deduction-for-2015
