Comments for Itemized Medical Expenses

Average Rating starstarstarstarstar

Click here to add your own comments

Mar 24, 2011
Percentage of AGI
by: Stephanie

The percentage of adjusted gross income (line 38 of form 1040) that can be deducted is 7.5%. Meaning, anything above the 7.5% can be deducted. An example would be if you had income of 45,000, you could deduct expenses totalling more than 3375 (45000 x .075). So if you had expenses totalling 5000, you could deduct 1625 (5000 - 3375)

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

Return to Itemized Medical Expenses.

Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.