Deducting medical costs in 2020. Here is how it operates.

Deducting medical costs in 2020. Here is how it operates.

Medical expenses are taxation deductible, but simply to the degree through which they surpass 10% of this taxpayer’s modified gross earnings. The Tax Cuts and work Act lowered this threshold to simply 7.5per cent of AGI, but this is just through the 2018 taxation 12 months. This is extended for the 2019 taxation 12 months, however the limit is defined to come back to 10% for 2020. It really is feasible for it will likely be extended yet again, however it has not occurred at the time of very very early 2020.