Monday, November 16, 2009

I had a lot of dental work done this year. Can I deduct it from my taxes?

I alone spent a little over $14000 in 2007 on dental work and my husband spent about $7500. Can we use this as a tax deduction as we did not have any insurance and paid out of pocket?

I had a lot of dental work done this year. Can I deduct it from my taxes?
If you itemize, you list it as a medical expense. The first 7.5% of your AGI doesn't count.
Reply:Yes, you can deduct it as an itemized deduction (Form 1040, Schedule A). The deduction is the amount that exceeds 7.5% of your AGI (Adjusted Gross Income).





For example, if you and your husband's adjusted gross income is $100,000, then anything over $7,500 is deductible ($100,000 x 7.5%). So in your case, only $14,000 is deductible if your combined adjusted gross income is $100,000.
Reply:Maybe. The amount of total medical and dental expenses that's over 7.5% of your adjusted gross income is an eligible deduction - you only get benefit from it if you have enough deductions to itemize - your itemized deductions have to be more than the $10,700 standard deduction allowed on a joint return.


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