Deducting Medical Expenses on Your Tax Returns

Video Transcript

"Hi I am Julie Kidd, I am an asset management consultant in Atlanta, Georgia. Now we are going to talk about deducting medical expenses on your tax return. When I got on the IRS website I did a search for the instructions for Schedules A and B. As you will see on this form it shows you the medical and dental expenses. It talks about how you can only deduct part of your medical and dental expenses that actually exceed seven and one-half percent of your income that is found on your 1040 line 38. And I am going to take you to this Schedule A your itemized deductions. The first section is your medical and dental expenses. There are four lines to complete, and again just make sure that the amount that you are trying to deduct is greater than seven and one half percent of line 38 on your 1040. And you can find your form 1040 on the IRS home page on the left side bar look to line 38, which is your adjusted gross income. And that is the amount you will use to multiply by seven and one-half percent to make sure that the medical and dental deductions that you are trying to claim exceed that amount."