Medical Expense Deduction List For Taxes

I wasn’t aware of how extensive the medical expense deduction list is. I had no idea that I could deduct my health insurance premiums. From my research, most things are deductible except for:

• cosmetic procedures
• health club dues
• OTC meds

I know that some of my colleagues still use the standard deduction for its simplicity. But it makes more sense financially to itemize your deductions (Schedule A) because of the larger tax-break.

What sucks a little is that there is a 10% floor which you must reach before deductions can be taken. It’s 10% of your AGI (adjusted gross income). So if you grossed $150k for the year and your AGI was $100k then only the amount above $10,000 would be deductible.

If you spent only $8,000 on medical expenses then you wouldn’t be able to have a medical expense deduction at all. If you spent $12,000, however, you could deduct $2,000 from your AGI.

The numbers make more sense when you earn less and the ratio of healthcare expenses to income becomes more meaningful. If you grossed $80,000 and your AGI WAS $40,000 then anything past $4,000 would be deductible.

If you are self-employed it wouldn’t be hard to have some impressive deductions. The more deductions you have the lower your AGI which means the lower the 10% floor will be.

Medical Expense Deduction List

1. Abortion
   • all costs associated
2. Acupuncture
   • doesn’t have to prescribed
3. Alcoholism
   • related transportation
   • inpatient/outpatient treatment
   • meals expenses
4. Ambulance
5. Dental Expenses
   • except for whitening
6. Prescription Medications
   • includes BCP’s
   • excludes medical marijuana
   • apparently no OTC’s
7. Lactation Expenses
   • breast pumps
8. Drug Addiction Treatment
9. Eye Exams
   • including eye glasses
10. Eye Surgery
    • including corrective laser surgery
11. Fertility Enhancement
12. Guide Dog or Service Animal
    • including all the animal related care
    • including veterinary care
13. Health Institutions Costs
    1. yoga retreats?
    2. only requirement is that it’d be prescribed by a physician
14. Insurance Premiums
    • I had no fucking clue I could deduct my insurance premiums
15. Hearing Aids
16. Home Care
    • nursing services
17. Lab Fees
18. Lead-Based Paint Removal
    • must be from a child having had lead poisoning
19. Special Education
20. Long-Term Care Premiums & Services
21. Medical Conferences
    • if you attend to learn more about your chronic illness
22. Oxygen
23. Pregnancy Test Kit
24. Psychiatric Care
25. Sterilization
26. Smoking Cessation
27. Transportation
    • related to your health care
28. Weight Loss Program
    • associated with a diagnosis “obesity”
    • back pain or neuropathy will count