The IRS allows a taxpayer to deduct medical expenses that exceed 7.5% of their adjusted gross income. Which of the following is considered a tax deductible medical expense under this rule? Long Term Care insurance premiumsDread Disease insurance premiumsTravel accidental insurance prmeiumsIndividual disability income Insurance premiums

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19-12-2022
Health

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The IRS allows a taxpayer to deduct medical expenses that exceed 7.5% of their adjusted gross income. Which of the following is considered a tax deductible medical expense under this rule? Long Term Care insurance premiumsDread Disease insurance premiumsTravel accidental insurance prmeiumsIndividual disability income Insurance premiums

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kumarravichandra kumarravichandra · Answer 1 · 2022-12-22T03:34:38-05:00

Only when medical expenses equal or exceed 7.5% of your adjusted gross income are they deductible (AGI). Therefore, the first $3,750 ($50,000 x 0.075) of unreimbursed medical expenses does not apply if your AGI is $50,000.

Which of the following medical expenses is deductible?

Deductible medical costs may consist of, but are not limited to: fees paid to medical professionals, including doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and alternative practitioners

What costs are regarded as medical?

Medical expenses are the costs associated with diagnosing, treating, mitigating, preventing, or treating a disease in order to affect any organ system or bodily function. These costs cover the payment of doctors, surgeons, dentists, and other medical professionals who provide legitimate medical services.

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