|Health Dollars & Sense: Maximize medical tax deductions|
Borrowers who practice responsible
Don’t forget to save your medical receipts—many expenses may be tax deductible. To qualify as deductions, medical expenses must exceed 7.5 percent of your adjusted gross income, which may sound like a lot, but can add up quickly. Expenses include anything deemed medically necessary by a doctor and not covered by insurance. Qualified deductions include medications, doctor fees, lab tests, wheelchairs, canes, dentures, hearing aids and batteries, artificial limbs, eyeglasses, contact lenses and supplies and vision correction surgery. For a complete list of deductible medical expenses, visit www.irs.gov/pub/irs-pdf/p502.pdf.