3

If someone is going to undergo a major dental/medical procedure ($40k+), is there any way to deduct the money paid for the procedure, or at least part of it?

  • Is the procedure in question considered medically advisable or necessary, or is it cosmetic surgery? – Chris W. Rea Jan 12 '12 at 19:07
  • @ChrisW.Rea There are multiple points of infection. I'm not sure if it's "technically" considered medically advisable. The person is opting for implants over extraction. – David Jan 12 '12 at 19:16
  • @David IMHO implants are considered "advisable". Verify with your doctor. I had one covered in full by insurance (which means that it would be tax deductible without the insurance). – littleadv Jan 12 '12 at 19:36
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If medical, not cosmetic, you can deduct medical expenses to the extent they exceed 7.5% of your adjusted gross income.

Note: it's been announced that starting in 2013 the deduction is for amounts exceeding 10% of AGI.

3

Does your company offer a Medical Savings Account? That can allow you to reduce your taxable income. You normally have to join during "open season".

Another option is Medical and Dental Expenses above 7.5% of your adjusted gross income. This is a high hurdle to meet, and only reduces your taxes by the tax rate x the amount your bills exceed 7.5%

  • Unfortunately the open season is closed, and 40k+ is a bit too much to add to the MSA. Plus, the MSA/HSA max is ~3k, which is far less than the $40k+ that will be paid. – David Jan 12 '12 at 19:24

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