I was planning on putting some money aside into an FSA account to cover LASIK. However, I found out that under current rules, there's a maximum of $2,550 that can be put aside for the year, which does not even get close to what the surgery actually costs.
Then I looked into straight up deductions for medical expenses. From what I could find, it appears that to take any kind of deduction:
- I have to itemize my deductions when filing my taxes.
- I can only deduct any medical expenses above 10% of my AGI.
So in conclusion, given my personal AGI, I cannot deduct anything other than what I can get from the FSA. Can someone confirm? Is there any other tax benefit I should be aware of?