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Information Articles for the Paris TN and Henry County Tennessee area

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Information Articles for the Paris TN and Henry County Tennessee area

IRS reminds you that Medical Expenses are sometimes Deductible

February 22, 2013 | Email This Post Print This Post
 

Internal Revenue Service - IRSWashington, D.C. – If you or others claimed on your tax return paid medical or dental costs in 2012 that insurance or other sources didn’t pay, you may get a tax deduction for some of those costs.

The IRS wants you to know these seven things about claiming those types of costs.

Seven Things About Medical Deductions

1. You must itemize You can only claim medical and dental expenses if you itemize deductions instead of claiming the standard deduction.

2. Deduction is limited You can claim medical and dental expenses that total more than 7.5 percent of your adjusted gross income.

3. Costs had to be paid in 2012 You can include medical and dental costs you paid in 2012 even if the services were provided in another year. Keep good records to show what you paid.

4. Whose expenses qualify You may include most medical or dental costs you paid for yourself, your spouse and your dependents, but some exceptions and special rules apply. Read more at www.IRS.gov.

5. Types of costs you can claim You can normally claim the costs of diagnosing, treating, easing or preventing disease or treating some part or function of the body. For drugs, only prescriptions and insulin qualify. You can also claim the cost of medical, dental and some long-term care insurance.

6. Don’t forget travel costs You may be able to claim the cost of travel needed to get medical care. That includes the cost of public transportation or an ambulance as well as tolls and parking fees. If you use your car for medical travel, you can deduct the actual costs, including gas and oil, or you can deduct the standard mileage rate for medical travel, which is 23 cents per mile for 2012.

7. Tax-favored saving for medical costs Funds taken out of Health Savings Accounts or Flexible Spending Arrangements may be tax free if used to pay qualified medical costs including prescriptions and insulin.

Read more in Publication 502, Medical and Dental Expenses, or Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, available at www.irs.gov or by calling 800.TAX.FORM (800.829.3676).

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