YOU ASK:
Can I deduct dental expenses off federal taxes?
WE ANSWER:
There are some portions of your dental or medical expenses that are deductible from your federal taxes. These are the dental and medical expenses that are in excess of 7.5% of your adjusted gross income.
To help you compute for how much dental and medical expenses are deductible, here are a few simple steps:
- Keep records of your dental and medical expenses. We recommend that you use a code for these expenses on your check register and credit card reports to make your job easier.
- Calculate your adjusted gross income using the proper IRS form (Form 1040). The adjusted gross income is the total income less deductions such as business losses and accepted deductions.
- List down dental and medical expenses on the appropriate line. These do not only include payments for doctor's fees, but also prescriptions and supplies, as well as premiums paid for dental and medical insurance.
- Multiply the gross adjusted income by 7.5%. Subtract this amount from your total medical and dental expenses. This is how much deductions you can get for dental and medical expenses.
These deductions can be claimed at the time you are filing your income tax returns.
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