TurboTax Tip: Even if you’re not planning to deduct your medical expenses, it’s still a good idea to keep the receipts for those expenses, just in case you have large, unreimbursed medical expenses during the year and decide to deduct your qualified medical expenses. If you had $5,000 of unreimbursed medical expenses in 2022, you would only be able to deduct $1,250 on Schedule A. In addition, in 2022, you can only deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI), found on line 11 of your 2022 Form 1040.įor example, if your AGI is $50,000, the first $3,750 of qualified expenses (7.5% of $50,000) don't count.
To benefit from medical expense deductions, your total itemized deductions - deductible medical expenses, state and local taxes, home mortgage interest and charitable contributions - must be greater than your available standard deduction. When you file your Form 1040, you typically have the option of itemizing or taking the standard deduction - a predetermined amount based on your filing status.įor 2022, the available standard deductions are as follows: Filing Status One of the most important things to know about deducting medical expenses is you have to itemize deductions on Schedule A to receive a tax benefit. If you had a lot of unreimbursed out-of-pocket health care costs this year, you'll be glad to learn that many of those expenses may qualify for a deduction on your 2022 income tax return.
To receive a tax benefit, you have to itemize deductions on Schedule A, and your total itemized deductions - deductible medical expenses, state and local taxes, home mortgage interest, and charitable contributions - must be greater than your Standard Deduction.You can only deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI), found on line 11 of your 2022 Form 1040.
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