Medical, Dental Tax Facts

If you paid for medical or dental expenses in 2012, you may be able to get a tax deduction for costs not covered by insurance.

1. You  must  itemize.   You can only claim medical and dental expenses for costs not covered by insurance if you itemize deductions on your tax return.

2. Deduction  is  limited. You can deduct medical and dental expenses that are more than 7.5 percent of your adjusted gross income.

3. Expenses  paid  in  2012. You can include medical and dental costs that you paid in 2012, even if you received the services in a previous year.

4. Qualifying  expenses.   You may include most medical or dental costs that you paid for yourself, your spouse and your dependents. Visit IRS.govfor more details.

You can normally claim the costs of

5. Costs  to  include.   diagnosing, treating, easing or preventing disease. The costs of prescription drugs and insulin qualify

6. Travel  is  included.    You may be able to claim the cost of travel to obtain medical care. That includes the cost of public transportation or an ambulance as well as tolls and parking fees. If you use your car for medical travel, you can deduct the actual costs, including gas and oil. 7. No  double  benefit.   Funds from Health Savings Accounts or Flexible Spending Arrangements used to pay for medical or dental costs are usually tax-free. Therefore, you cannot deduct expenses paid with funds from those plans.

You’ll find more information in IRS Publication 502, Medical and Dental Expenses. Also see Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans. They are available at IRS.govor by calling

800-TAX-FORM (800-829-3676).