Is there a standard deduction to cover all medical costs?

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Is there a standard deduction to cover all medical costs?

No, there is not. Medical expenses have to be entered based on actual medical expenses paid during the year. After the entry of expenses, 10% of Adjusted gross Income is subtracted and only the amount over 10% of AGI is allowed as a deduction (7.5% for those 65 and older).

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Is there a standard deduction to cover all medical costs?

No, there is not. Medical expenses have to be entered based on actual medical expenses paid during the year. After the entry of expenses, 10% of Adjusted gross Income is subtracted and only the amount over 10% of AGI is allowed as a deduction (7.5% for those 65 and older).