Year-End Planning Tip: Bunch Your Medical and Dental Expenses
If you itemize deductions, you can deduct the amount of your unreimbursed medical and dental expenses that exceeds 10% of your adjusted gross income (AGI). For example, if your AGI is $100,000, you can deduct the qualified expenses you pay out of your own pocket in excess of $10,000. So, if you are just under the 10% AGI threshold, you may want to move some medical appointments and purchases that you had planned for early 2020 into 2019 if it boosts your total unreimbursed 2019 expenditures over the threshold.
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Article published in November 2019 edition of Eye on Money. If you would like to be added to our mail list please email email@example.com.