Search

Medical Expense AGI Limit

Beginning January 1, 2017, the limitation on itemized deductions for medical expenses not covered by health insurance went down from 10% (for most individuals) to 7.5% (for all individuals) of the taxpayer’s AGI.  Before January 1, 2017, only taxpayers age 65 and older and their spouses were able to use the 7.5% limitation through December 31, 2016.  For the tax year 2018, the 7.5% of AGI floor applied to all taxpayers; however, in the tax year 2019 medical expenses will need to exceed 10% of the taxpayer’s AGI to be deductible.  

0 views

Cathy Fisher

Common Cents Bookkeeping and Tax Preparation

Serving Henderson, NC, Buncombe County, Polk County, Transylvania County

E: cathy@commoncentsqbo.com

P: 828-595-2835

  • Facebook Social Icon
  • LinkedIn Social Icon

© 2020 by Common Cents Bookkeeping.

Web Design by Starting Gate Marketing