help_outline Skip to main content

                              View Coronavirus Information on Forum                             

News / Articles

At the end of December 2019, a new law went into effect on the medical expense deduction

 | Published on 1/1/2020
To simplify a complicated back-and-forth of the amount over the past few years, a medical expense deduction floor of 7.5% has been extended through 2020. That is to say, the floor will not revert to 10%, as was set to happen for tax year 2019.
Specifically, this change means that this tax filing season, folks whose eligible medical expenses exceeded 7.5% of their adjusted gross income (found on your tax return) can deduct the amount of those expenses that exceeds 7.5% of that income, assuming they otherwise qualify for the deduction.