![]() Amounts paid after 2019 for over-the-counter medicine (whether or not prescribed) and menstrual care products are considered medical care and are considered a covered expense. Even if your charge has too much income for you claim them as a dependent, you can generally count your share of their medical expenses toward your deduction. Qualified medical expenses are those expenses that would generally qualify for the medical and dental expenses deduction. ![]() You can also include the medical expenses of a non-dependent - say, an elderly parent. ![]() The obvious candidates are dental and eye. And If you write a check in December to cover any January premiums, that money also counts toward your 2019 deduction. You may be able to schedule some elective procedures and qualifying expenditures before year-end and snag a bigger medical expense deduction for 2019. More from Personal Finance: Here's when newlyweds will face a 'marriage tax penalty' How these multimillionaires are avoiding a 40% tax hit Avoid digging yourself deeper in debt this holiday seasonĪssuming you used after-tax money, many expenses count toward the deductible - including co-pays, co-insurance, dental work, travel costs for health care and, generally speaking, insurance premiums. "If you use pre-tax dollars for medical expenses, you can't also deduct them." "The basic principle is that there's no double-dipping for taxes," Salvini said. (More on health savings accounts further down.) If you do that with hopes of deducting your associated costs on your 2019 return, make sure the bill is paid this year.Īlso be aware that because only unreimbursed medical expenses count toward the deduction, any expenses covered by money from FSAs or health savings accounts - both of which already are tax-advantaged - is excluded. "If you're thinking of getting of getting some medical work done in January or February, maybe you should do it in December," Salvini said. If you're close to the 10% threshold based on your adjusted gross income, and you know you're going to itemize your deductions, you might want to accelerate expenses into 2019 so they can count toward the deduction. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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