Medical expenses are deductible if you itemize your deductions. However, there is a limit on how much of those medical expenses can be deducted based upon your income for the year. Currently, only medical costs that exceed 7.5% (10% if you are subject to the alternative minimum tax) of your adjusted gross income (AGI) can be deducted.
For example, you have wages of $50,000, interest income of $1,000, and no adjustments to your income. Your AGI is…
- 23 Aug, 2010
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