https://www.fool.com/taxes/2019/12/07/are-medical-expenses-still-tax-deductible.aspx

[questionseverything]

The 2018 tax overhaul brought about a number of changes -- some favorable for taxpayers, and others, not so much. One tax break you may be wondering about in its aftermath is the medical expense deduction. It used to be that if you spent a large chunk of your income on healthcare costs, you'd be eligible to deduct medical expenses on your taxes. And the good news is that the medical expense deduction is still alive and well. But whether you'll actually get to capitalize on it is a different story.


How the medical expense deduction works -- and why it's hard to snag
For the current tax year, you can deduct eligible medical expenses that exceed 10% of your adjusted gross income, or AGI. But to be clear, you can only write off healthcare costs above that 10% threshold.

Imagine your AGI is $60,000, and you spend $6,000 on medical expenses. In that case, you actually don't get a deduction, because to qualify, your costs must surpass $6,000. And if you rack up $6,500 in medical expenses with an AGI of $60,000, you only get to deduct $500 of them, not the entire $6,500. As such, this particular deduction is somewhat difficult to claim, especially if you're a higher earner with medical bills that are mostly run-of-the-mill.

[questionseverything]

1. and this is after you have passed the itemizing test or had more than 24,000 in legit expenses

(or govt approved expenses)

a few months ago I said those that receive insurance thru their work and do not have to claim the cost as income get a huge benefit ovr the self employed, someone said and produced a link saying no you can deduct the cost but as this article explains it is not hat simple

[GP6971]

2. I understand

the standard deduction for this year is $12,200 single and $24,400 married. Add $1,300 each if you're 65 or older.

[Ferrets are Cool]

3. Nothing in our tax equation is written for the average american.

It's all for the rich and wealthy.

[Hoyt]

4. Point is valid, but rich and wealthy would likely never be able to deduct medical expenses, more

than a pittance of mortgage interest, property taxes, etc., because of tax limitations.

Their tax rate may have gone down some, but they lost a number of deductions that would save them substantially more. When Democrats regain control, their tax rates will likely increase, but not the deductions that were eliminated.

[PSPS]

5. "Their tax rate may have gone down some"

Actually, the rich pay less taxes than everyone else now. To the wealthy, everything is essentially free since its cost is merely a rounding error not worthy of their consideration.

- trump's new deduction for pass-through business income is largely to blame (the "S corporation giveaway&quot
- raise the capital gains tax rate
- tax all income over $1 million a year at 90%

[Hoyt]

6. Agree some pay less in terms of percentage; but even at half my rate, or yours,

they pay a lot more in dollars. Personally, we’d be a lot better off with a million billionaires paying half my, or your, tax percentage rate.

But, I do get your point and agree with large capital gain rate increase and repeal of several past tax cuts. I’d also add a hefty estate tax. 90% over $1 Million is absurd, although it sure wouldn’t affect me.

[questionseverything]

7. but this benefits one set over another and discourages start up businesses

n/t