1/31/2024 0 Comments Medical expense deduction 2021When tracking your deductible medical expenses, it's important to know which costs apply to the current tax year. The Timeline for Tax-Deductible Medical Expenses Pro Tip: Double-check the IRS comprehensive list of approved medical and dental expenses to ensure you're not leaving out unclaimed expenditures.Īlison Flores from H&R Block points out that part of your hospital bill might be deductible if you “were hospitalized for treatment related to COVID-19.” She recommends checking your insurance policy to find out exactly what is covered by your provider and what is not you'll only be able to deduct the expenses that weren't covered by your insurance provider. Transportation and car expenses related to travel to and from medical care.Nursing home care (including meal and lodging costs), if the primary reason for residence is to receive medical care.Medicare Part B and Medicare Part D premiums.Medicare Part A premium (if you aren’t covered under Social Security or weren’t a government employee who paid Medicare tax).Medical services fees from doctors, dentists, surgeons, and specialists. ![]() Hospital service fees such as lab work, therapy, nursing services, and surgery.Items such as false teeth, eyeglasses, hearing aids, artificial limbs, and wheelchairs.Medical expenses that are tax-deductible include: After adding up all of your medical expenditures, you'll have a clearer sense of which option, itemized deduction or standard deduction, will work best for your needs. ![]() Unreimbursed medical expenses can undoubtedly leave your wallet feeling light. What Medical Expenses Are Tax-Deductible?
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