Medical Tax Deductions | The TurboTax Blog

Tax Considerations for Cancer Patients

April 15, 2019 July 22, 2019 / kendyll

After receiving a cancer diagnosis, a patient may wonder about the financial responsibility that will accompany it. Most insurance plans will cover some of the bills, but cancer patients may have additional expenses that they pay for. Fortunately, cancer patients...

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Health Care

When Can You Claim a Tax Deduction for Health Insurance?

November 19, 2017 January 26, 2018 / TurboTaxBlogTeam

The article below is up to date based on the latest tax laws. It is accurate for your 2017 taxes, which you will file by the April 2018 deadline. Learn more about tax reform here. With the end of the year...

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Tax Deductions and Credits

Are Your New Year’s Resolutions Tax Deductible?

January 6, 2017 July 11, 2019 / Elle Martinez

It’s the new year, and many of us are looking forward to accomplishing something new in 2017. Some of the most common resolutions include: Lose Weight Get Out Off Debt Learn Something New Travel More Volunteer All of these goals have something...

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Tax Deductions and Credits

Real Talk Series: Do My Cancer Treatments Affect My Taxes?

October 7, 2016 June 5, 2019 / TurboTaxLisa

Q: I was diagnosed cancer with this year, and am currently receiving treatments. Will this have any affect on my tax situation? A: I am sorry to hear about your diagnosis, but hopefully this information will help you. If you have...

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Tax Deductions and Credits

Five Ways to Stay Healthy This Summer on a Budget (and Maybe Get a Tax Deduction)

July 27, 2016 July 10, 2019 / Ginita Wall, CPA, CFP®

Are you in peak condition, eating right, exercising faithfully every day, full of energy and rarin’ to go? Yeah, I didn’t think so. For most Americans, that is a dream but not a reality. Here are five ways to get...

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Tax Planning

Tax Relief for Mississippi and Texas Storm Victims

May 13, 2016 July 12, 2019 / TurboTaxBlogTeam

Following the multiple disasters in Mississippi over the last year, and recent floods in the Houston, Texas, the Federal Management Agency (FEMA) has declared these disaster areas. As a result, IRS is providing tax relief to victims in these areas, including:...

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Affordable Care Act (ACA), Health Care

Got Health Insurance Questions as You Prepare Your Taxes? We Have You Covered!

March 21, 2016 July 23, 2019 / TurboTaxBlogTeam

Chances are you’re getting ready to file your 2015 tax return, and you may have some questions in regards to your healthcare coverage and how it relates to your taxes. How do I prove I was covered in 2015? Do...

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Tax Deductions and Credits

Is This Tax Deductible? Medical Expenses

February 18, 2015

Did you spend a lot of money on your medical care last year? If so, you may be eligible for the medical expense deduction. In total, you must spend more than 10% (7.5% if you are age 65 or older)...

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Family

Is This Tax Deductible? Caring for a Loved One

November 3, 2014 June 12, 2019 / Ginita Wall, CPA, CFP®

Being a family caregiver can be lonely sometimes, but know that you are not alone. There are 52 million people in the U.S. who provide caregiving to an adult family member or friend. Caregiving can be time-consuming and it is...

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Health Care

Medical Expense Deductions Available and the New 10% Expense Threshold

March 20, 2014 April 2, 2014 / Ginita Wall, CPA, CFP®

Though medical expenses cost a bundle, medical insurance premiums, co-pays and uncovered medical expenses are deductible as itemized deductions on your tax return, and that can help defray the costs. In the past you could deduct only those medical expenses that exceed 7.5% of your adjusted gross income; beginning in 2013, that threshold has been raised to 10%.

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