Individuals with high medical expenses may gain a valuable itemized deduction as part of a federal government funding bill Congress has passed. The medical expense deduction isn’t new, just improved. Generally, to claim it, a taxpayer must itemize and have total unreimbursed medical expenses exceeding a threshold. The deduction equals the amount of the excess. In 2018, the threshold was 7.5% of adjusted gross income (AGI). In 2019, a previous law change raised the threshold to 10% of AGI, which meant far fewer taxpayers would have qualified. The new law restores the previous threshold of 7.5% for tax years beginning after Dec. 31, 2018, and before Jan. 1, 2021. Contact us with questions. Call or visit our website for more information!www.mjscpa.com/
