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What is IRS Publication 502 on Medical and Dental Expenses?

IRS Link to Publication — Found Here

Publication 502 outlines which types of medical and dental expenses are deductible, who can be included in your considerations, what the limits are on deductions, and more.

This publication is primarily meant for individuals but businesses might find it useful as well. Publication 502 is a source of information for all tax information regarding deductions stemming from medical and dental expenses and insurance.

For most people, their medical expenses will have to exceed 7.5 % of their adjusted gross income (AGI) in order for them to be eligible for a deduction. For self-employed people, however, there is no minimum requirement.

This form can be used to determine the types of expenses which qualify for deduction and how things might be affected if, for instance, previously purchased medical equipment were sold, or other infrequent but not uncommon events.

Premiums for medical and dental insurance can also be deducted fully for self-employed people, or to the extent that a person has paid for that of himself or his family. Expenses can be deducted for the year in which they were paid instead of the year treatment was received.

Most of the deductions will simply be applied on the person’s 1040 tax return, but if there are any special circumstances, Publication 502 will let you know.

Keywords: deductions, self-employed, dependents, medical and dental insurance,