Tax time: Can you deduct medical expenses? - DC News FOX 5 DC WTTG

Tax time: Can you deduct medical expenses?

Posted: Updated:

If you haven't tackled those taxes yet, we've got some information you want to know.  It's a complicated maze trying to sort out what you can deduct and what you can't, but if you're wondering about deducting medical expenses, we can help.  

Oxygen Financial Services is a full-service financial planning group.  Their experts know the ins and outs of the taxman's ever-changing rules.  One of those experts, Van Pappas, told FOX 5 a whole lot of expenses are included in medical deductions, like mileage to and from appointments.  

Pappas reminds you those medical deductions are for all qualified members of your family.  He also says you can deduct your insurance premiums for medical or long term care insurance.

But here's the catch:   You can only deduct medical expenses that exceed 7.5% of your adjusted gross income.  So, if you're making $100,00 a year as a family, your medical receipts over $7,500 can be deducted.

Sounds like a lot, right? But don't forget that even a year's worth of co-pays count.  When you break it down, it starts to tally up.

If you think you have enough medical expenses to consider, go to the IRS's website.  It's explained there.  If you're seeing an account this tax season, but sure to ask about this.

  • I-Team Story ArchiveMore>>

  • Patient: Hospice company failed me too

    Patient: Hospice company failed me too

    Wednesday, August 27 2014 10:37 PM EDT2014-08-28 02:37:56 GMT
    The state is now looking into a defunct hospice provider originally investigated by the Fox 5 I-Team.
    The state is now looking into a defunct hospice provider originally investigated by the Fox 5 I-Team.
  • Hidden fees in checking accounts: Who's transparent, who's not

    Hidden fees in checking accounts: Who's transparent, who's not

    Wednesday, August 27 2014 8:10 AM EDT2014-08-27 12:10:06 GMT
    We already know about some of the fees our banks charge -- the monthly fee, the overdraft charge, out-of-network and minimum balance fees. That's standard stuff. But did you know that the average checking account has 30 fees attached?
    We already know about some of the fees our banks charge -- the monthly fee, the overdraft charge, out-of-network and minimum balance fees. That's standard stuff. But did you know that the average checking account has 30 fees attached?
  • Judge mulling sanctions related to ethics trial

    Judge mulling sanctions related to ethics trial

    Monday, August 25 2014 6:29 PM EDT2014-08-25 22:29:27 GMT
    A judge is deciding whether to sanction the Georgia attorney general's office, the state ethics commission and the commission's director for not releasing certain documents in a whistleblower trial.
    A judge is deciding whether to sanction the Georgia attorney general's office, the state ethics commission and the commission's director for not releasing certain documents in a whistleblower trial.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

  • Viral StoriesMore>>

  • Lane marking mess on I-66 eastbound near Centreville, Va.

    Lane marking mess on I-66 eastbound near Centreville, Va.

    Monday, August 25 2014 6:20 PM EDT2014-08-25 22:20:44 GMT
    It was commuter confusion out on Interstate 66 Monday morning. Drivers heading eastbound towards Washington D.C. wound up seeing their traffic lanes suddenly turn into a mess. Lane stripes somehow pulled away from the road surface and created a mess of tangled tape and lanes that didn't make sense.
    It was commuter confusion out on Interstate 66 Monday morning. Drivers heading eastbound towards Washington D.C. wound up seeing their traffic lanes suddenly turn into a mess. Lane stripes somehow pulled away from the road surface and created a mess of tangled tape and lanes that didn't make sense.
  • New marijuana drug 'Wax' looks and feels like lip balm

    New marijuana drug 'Wax' looks and feels like lip balm

    Friday, August 22 2014 7:52 PM EDT2014-08-22 23:52:09 GMT
    It goes by the name Wax, Butter and Honeycomb on the streets, and it can pack a kick equal to 15 to 20 joints of marijuana. The new drug looks and feels like lip balm. It's made from the oils of marijuana plants and has a high level of THC - the chemical that produces a high.
    It goes by the name Wax, Butter and Honeycomb on the streets, and it can pack a kick equal to 15 to 20 joints of marijuana. The new drug looks and feels like lip balm. It's made from the oils of marijuana plants and has a high level of THC - the chemical that produces a high.
  • Oklahoma policeman accused of sex assaults on duty

    Oklahoma policeman accused of sex assaults on duty

    Friday, August 22 2014 11:36 AM EDT2014-08-22 15:36:23 GMT
    An Oklahoma City police officer was arrested Thursday and is being held in lieu of $5 million bond after being accused of committing a series of sexual assaults against at least six women while on duty.
    An Oklahoma City police officer was arrested Thursday and is being held in lieu of $5 million bond after being accused of committing a series of sexual assaults against at least six women while on duty.
Powered by WorldNow
Untitled

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices