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Question
After tax year 2018, can I deduct medical expenses if my gross income is above 7.5%?
AI accountant’s answer:
Absolutely! You can deduct medical expenses on your tax return, but there's a catch. Only the portion of your total medical expenses that exceeds 7.5% of your adjusted gross income (AGI) can be deducted. So, if your AGI is $100,000, you can only deduct the portion of your medical expenses that exceeds $7,500. This rule applies regardless of how high your income is. Just remember to keep good records of all your medical expenses throughout the year.
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