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What medical expenses can I deduct under the healthcare reform plan?

Joane Goodroe
Nursing

Medical expense deduction limits have changed under the Affordable Care Act. Currently, taxpayers who itemize their returns can deduct the medical expenses from their taxable income that exceeds 7.5 percent of their adjusted gross income.

The Affordable Care Act increases that threshold to 10 percent in 2013. This means that less people will require for deductions.

Seniors age 65 and over and their spouses are exempt from the change until 2016.

Read more here: http://www.kansascity.com/2012/12/31/3988538/new-year-means-tax-increases-to.html#storylink=cpy

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Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.