Ask Terry Questions 2017 Medical Expense Deduction

2017 Medical Expense Deduction

By Terry Savage on April 10, 2017 | Taxes & Economy

Not a question - a statement. Your column in the April 9 edition of The Denver Post w/regard to the 2017 medical expense deduction states that for those over age 65 the deduction begins when medical expenses are over 7.5 percent of adjusted gross income. This is no longer the case. Per IRS website, the 7.5% ends at the end of 2016. Thereafter everyone is subject to the 10% of AGI.

Terry Says

The column relates to 2016 taxes, which people are filing now.  Yes, the deductible limit is supposed to rise to 10 percent in 2017 -- and you'll be filing that tax return next year at this time.  However, there is some hope that Congress will make an adjustment back to 7.5 percent retroactive, in time for next year's filing.  Thanks for your sharp eyes.



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