Can I Deduct Medical and Dental Expenses?

In order for you to deduct your medical and dental expenses, your related expenses must exceed 7.5 percent of your adjusted gross income. So if your adjusted gross income is $50,000 and you paid $2,000 in medical and dental expenses, you wouldn't be able to deduct any of these expenses, because you haven't exceeded 7.5% (or $3,750) of your adjusted gross income. But, if you would have had $4,000 in medical and dental expenses, then you would have been able to deduct $250 on your taxes, which is the amount of your expenses above 7.5%

For answers to all your financial questions check us out. Subscribe so you never miss the boat.