hearing aid deduction

[vze56v6x]

I know that hearing aids are deductible but how does the deduction work if the hearing aids are being financed?

Does one deduct the entire upfront cost one time on the tax return ?

Or does one deduct the installment payments paid for that tax year (each year until paid off) ?

Thanks

[DoninGA]

The original cost is entered as a deductible medical expense.

[Vanessa A]

If you are financing it, the amount is the entire upfront cost.  Once you take on the liability of the debt, it is considered by the IRS as paid by you.  

Your hearing aid would be part of medical itemized expenses that need to meet the 7.5% threshold..

Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.  Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI.  This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.  

Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your insurance premium payments. 

The 2023 Standard Deductions are as follows:

• Married Filing Joint (MFJ)              $27,700
• Married Filing Separate (MFS)      $13,850
• Head of Household (HOH)             $20,800 
• Single                                                     $13,850                                

Blind and MFJ or MFS add $1,500

Single or HOH if blind add $1,850