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You can only deduct Medical Expenses that were actually paid during the Tax Year. Medical Expenses are an Itemized Deduction that is subject to the 10% of AGI rule (7.5% if you are above age 65). This means that only the expenses that are above 10% of your AGI will be deductible on Schedule A. Additionally if the sum of Itemized Deductions in Schedule A do not exceed the amount of your Standard Deduction, Schedule A will not be beneficial to your return.
Standard Deduction Amounts for Tax Year 2016:
I have also included a list of common Itemized Deductions so hat you may include as many as possible in your return and make an informed decision regarding your Deduction Method.
You can only deduct Medical Expenses that were actually paid during the Tax Year. Medical Expenses are an Itemized Deduction that is subject to the 10% of AGI rule (7.5% if you are above age 65). This means that only the expenses that are above 10% of your AGI will be deductible on Schedule A. Additionally if the sum of Itemized Deductions in Schedule A do not exceed the amount of your Standard Deduction, Schedule A will not be beneficial to your return.
Standard Deduction Amounts for Tax Year 2016:
I have also included a list of common Itemized Deductions so hat you may include as many as possible in your return and make an informed decision regarding your Deduction Method.
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