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Are the co-pays you pay for medical office visits deductible on your Federal income taxes? |
Are the co-pays you pay for medical office visits deductible on your Federal income taxes? Yes they are! Must have proof of payment (canceled check or credit card statement showing same) Also, unless you have lots of medical expenses, it may just be better to take the standard deduction. Check with your tax advisor! Yes - but medical expenses are only deductible over a certain percentage of your income. Even with a family of five, our expenses never add up to enough to deduct. Medical expenses must aggregate in excess of 7.5% of your adjusted gross income just to get on the floor. Ex: AGI - 50,000 7.5% - 3,750 Medical exp. - 3,800 Deductible amt - 50 |
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