What are Tax Deductions for Medical Expenses?

Tax deductions for medical expenses allow taxpayers to deduct qualified unreimbursed medical and dental expenses that exceed 7.5% of their adjusted gross income when itemizing deductions on their federal tax return. Eligible expenses include health insurance premiums, doctor visits, prescription medications, medical equipment, and travel for medical care. This deduction helps reduce the financial burden of significant healthcare costs not covered by insurance.

Why tax deductions for medical expenses matter

• Reduces tax liability: Lowers taxable income for those with high medical costs
• Offsets healthcare expenses: Provides financial relief for significant out-of-pocket spending
• Covers various costs: Includes many health-related expenses beyond direct medical care

How Solace can help

A Solace advocate can help you identify which medical expenses qualify for tax deduction, organize documentation for tax filing, and understand the income threshold requirements. While advocates cannot provide tax advice, they can help track and categorize medical expenses throughout the year for tax purposes.