When determining whether you meet the threshold to deduct your medical expenses, don’t forget that you can include medical expenses paid for your dependents (and spouse, if married filing jointly). The IRS allows you to deduct any of your qualified medical and dental expenses that exceed 10% of your AGI (7.5% for taxpayers aged 65 and older), so you’ll want to make sure you’re including all eligible expenses to maximize this deduction.
As long as your child qualifies as a dependent either when the qualified medical or dental services were rendered OR when the expenses were paid, these expenses are deductible.
Divorced or separated parents should be aware that while only one parent can claim an exemption for a child, if both parents are able to claim the child as a dependent, each is allowed to deduct the medical expenses paid for that child.
Some examples of qualified medical expenses include costs for:
- Doctor visits
- Chiropractic treatment
- Doctor-prescribed weight-loss programs
- Vision care
- Dental care
- And many others
If you have questions or concerns about qualified medical expenses, dependent eligibility, or any other tax issues, don’t hesitate to give Taxation Solutions, Inc. a call. We proudly provide expert tax help backed by more than 40 years of experience. Call now to learn more or get started with your free initial consultation!