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Medical Itemized Deductions Limited


The itemized deduction for medical expenses will be limited in the following manner:

AGI Threshold - The AGI threshold percentage for claiming medical expenses on a taxpayer’s Schedule A is increased from 7.5% to 10%, which is the same as the current threshold percentage for alternative minimum tax (AMT) purposes.  

Delayed Implementation for Seniors - Individuals (and their spouses) age 65 (before close of year) and older will continue to use the 7.5% rate though 2016.

AMT & Regular Tax AGI Limit Become the Same

The Medical AGI Threshold for AMT is also 10%.  Thus, with the implementation of the 10% threshold for regular tax, there will no longer be a medical adjustment for AMT.


Planning – Pay Discretionary Medical Expenses Before 2013

Taxpayers with potential discretionary medical expenses, such as orthodontist or dental work, vision care, etc., should consider having work done and paid for before 2013.

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