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Itemized Deductions

Medical Expenses as Itemized Deductions

The IRS has changed the calculation for Itemized Medical Expenses on Schedule A of Form 1040. For the tax years 2013 and later unreimbursed medical expenses that exceeded 10.0% of the taxpayer’s adjusted gross income are deductible. However, if the taxpayer or spouse is 65 or older, the pre-2013 7.5% floor remains in place until… read more