How to Claim Medical Deductions

Video Transcript

"I don't know about you, but I sure spend a lot of money at the doctor's office. I'm Kristin Brand, and I'm going to show you a few things you can deduct, as a medical expense, on your tax return. The first part we'll have to get out of the way, is kind of the technical piece of it. You'll need to look at the first page of your 1040, and figure out what your AGI, or adjusted gross income, is. That amount should be near the bottom of the page, and if you take that, and multiply it by 7.5 percent, you can deduct any medical expenses that exceed that amount, so anything below that, isn't really going to help you out. Secondly, you'll need to understand what kinds of things are actually deductible, as a medical expense, the kinds that qualify under that definition. Typically, things that are cosmetic or anything you may want to do that's elective, are probably not going to qualify. Some of those things include: teeth whitening, boob jobs, tattoos, anything like that, is probably not going to work, so things that are typically more required or necessary, are going to work for you. When you're actually sick, and are going to the doctor, those are the things that really are what this exemption is for. Some examples of that, are x-rays, prescription drugs. That's something you can usually get from your pharmacy, if you need to have a list of what you've actually spent throughout the year. They'll provide that for you. Some things you might not think of include: wigs to alleviate mental discomfort, if you have in fact lost your hair, also vasectomy. A visual alert system,and a weight loss program, so those are some things that are probably less thought of. Those are kind of medical expenses that you can deduct on your taxes. I'm Kristin Brand, and those are some tips on what kinds of things, you can keep track of throughout the year."