Tax Expenses Deductions
September 6th, 2010
Question: How do you claim tax deduction on dental or medical expenses?
I had some expenses for the year 2007, and plan to file my taxes on Turbo Tax, but how do I receive a deduction for my dental expenses, and what proof do I need to send and/or where?
Answer: Only if you itemize rather than taking standard deduction. Most people don’t find it advantageous to itemize unless they own a condo, or home of some sort. Then the medical and dental expenses are only deductible to the extent they exceed 7.5% of your income. So it’s a high threshhold and unless you have a chronic condition or surger/tretments without lots of reimbursement, you don’t get it. You have to have paid them, without reimbursement, in the year you’re filing. It’s Schedule A.
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