Question about medical deductions on Income taxes....?

Question

I recently had interocular lenses implanted in my eyes. Most of my cataract surgery was covered by insurance. However, I opted to have Crystalens lenses implanted (which is considered a "cosmetic" upgrade from standard single vision lenses).

The total for both of my lenses was $4800 (ouch!)

Can I use this as a medical expense on my taxes next year?

Answer 1

Yes, you can include the full amount of the procedure that you paid out of pocket as a medical expense when you do your taxes next year.  The cosmetic upgrade doesn't exclude the deduction, since the procedure was medically necessary and you chose a more expensive option with cosmetic benefits.

Medical expenses can result in a tax benefit to the taxpayer when they exceed 7.5% of the taxpayer's income.  Only the expenses in excess of 7.5% of your income can be deducted.

If you are taking medical deductions in 2008, be sure to keep records of all your copays, medical mileage, etc. to maximize your tax benefits this year.

Answer 2

you may not get any actual tax benefit - you can only deduct the amount over 7.5% of your AGI on the itemized deductions chart A and then your total itemized deduction have to be more than the standard deduction or you won;t get any extra benefit

Answer 3

If you qualify to itemize your taxes and your total medical expenses were more than 7.5% of your agi then yes

Answer 4

yes..uhm, no...uhm....maybe

Answer 5

Yes. Just save your receipts

Answer 6

a lot factors weigh in here

1) you can only claim medical expenses exceeding 7.5% of your AGI

2) eye surgery is an includable deduction with no distinction made in irs publication 502 between cosmetic and necessary eye surgery ( even though the insurance treats them differently)

3) do you have other deductions to include to bring your total to more than the standard deduction for your filing status?

Answer 7

only if it exceed 7.5% of your adjusted gross income (AGI)