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Are medical bills deductible? What is the condition to do so?

Below are the requirements to deduct your medical expenses on your IRS tax return but you only have a week left.

Estados UnidosUpdate:
¿Las facturas médicas son deducibles y cuál es la condición para hacerlo?
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Taxpayers in the United States will soon be meeting the end of this year’s tax season. Since 13 January, the Internal Revenue Service (IRS) has been receiving and processing tax returns from millions of taxpayers for tax year 2022. The deadline to file your return with the IRS is 18 April.

If you have not completed the procedure yet and during the last year you had an emergency or medical expense, you should know that the IRS allows you to deduct these expenses on your tax return. We explain how you can do it.

What are the conditions to deduct your medical bills before the IRS?

For tax year 2022, the IRS allows taxpayers to take deductions for their medical expenses as long as they have unrefunded qualified bills that exceed 7.5% of the taxpayer’s adjusted gross income (AGI).

For example, if the taxpayer has an AGI of $45,000 and a medical bill of $5,475 then you must multiply your AGI by 0.075 to find the percentage that is deductible. Multiplying these results in a total of $3,375, leaving a deduction of $2,100 for the taxpayer ($5,475 - $3,375 = $2,100).

For the deduction to be valid, you must itemize it on Schedule A of your tax return.

What medical expenses are valid?

The IRS allows you to deduct unreimbursed medical expenses for preventive care, treatments, surgeries, dental and vision care, visits to psychologists and psychiatrists, prescription drugs, the purchase of glasses, contact lenses, dentures and hearing aids, as well as expenses incurred if you traveled to receive qualified medical care.