Medical Expense Deduction

The Medical Expense Deduction allows taxpayers to deduct qualifying medical expenses that exceed 7.5% of their adjusted gross income, including payments for prescriptions, surgeries, and some long-term care costs. Itemizing these expenses can lower taxable income. Understanding eligibility and keeping accurate records is essential for maximizing benefits. This deduction can offer significant tax relief for those with high healthcare costs, making it an important consideration in tax preparation.