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OKNancy

(41,832 posts)
6. here:
Thu Nov 2, 2017, 06:54 PM
Nov 2017
http://thehill.com/policy/finance/358437-gop-tax-bill-would-eliminate-medical-expense-deductions

he House Republican tax bill would eliminate the ability for individuals to deduct qualified medical expenses, a provision that could have major implications for households with extremely high health-care costs.

Under current law, the IRS allows individuals to deduct qualified medical expenses that exceed 10 percent of a person’s adjusted gross income for the year. The bill would repeal that itemized deduction, effective in 2018.

The cost to repeal the medical expense deduction is about $10 billion per year.

The IRS currently allows individuals to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses.
The medical expense deduction can also be used for long-term care expenses for chronically ill patients.

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My expenses were over $12,000 this past year. Not counting Medicare and Supplemental insurance premium

Recommendations

0 members have recommended this reply (displayed in chronological order):

Those of us spending more than 10% of our income on medical stuff will not be happy. Shrike47 Nov 2017 #1
I had $5,000 in out-of-pocket medical expenses. greatauntoftriplets Nov 2017 #2
And the GOP wants to take your deductions... SHRED Nov 2017 #3
Yup. greatauntoftriplets Nov 2017 #5
I didn't see any proposed changes dumbcat Nov 2017 #4
here: OKNancy Nov 2017 #6
Thank you dumbcat Nov 2017 #7
Yup, one of many items that are going to hurt the seniors, BigmanPigman Nov 2017 #8
Cruel people. Glimmer of Hope Nov 2017 #9
Expense for my bed bound WWII vet spouse's marybourg Nov 2017 #10
Latest Discussions»General Discussion»So no more medical expens...»Reply #6