How much in medical can you claim on your taxes?

The amount of medical expenses you can claim on your taxes depends on several factors, including your income, the type of medical expenses, and whether you itemize your deductions or take the standard deduction. Here's a general overview:

1. Itemized Deductions: If you choose to itemize your deductions, you can deduct certain unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI). This includes expenses for yourself, your spouse, and your dependents. Examples of eligible medical expenses include:

- Doctor visits

- Hospital stays

- Prescription medications

- Dental care

- Vision care

- Medical equipment

- Transportation for medical purposes

2. Standard Deduction: If you take the standard deduction instead of itemizing, you cannot claim any medical expenses as a separate deduction. However, some medical expenses may be included as part of the standard deduction, such as premiums for health insurance, long-term care insurance, and medical savings accounts (MSAs).

3. Limits and Phase-Outs: There are certain limits and phase-outs that may apply to your medical expense deductions. For example, if your AGI exceeds a certain threshold, the percentage of medical expenses you can deduct may be reduced or phased out completely.

4. Documentation and Receipts: To claim medical expenses, you must keep detailed records and receipts of your medical expenses. This includes receipts for doctor visits, hospital bills, prescription medications, and any other eligible expenses.

It's important to consult with a tax professional or refer to the latest IRS guidelines for the specific rules and limitations on claiming medical expenses on your taxes.