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Can I claim my medical expenses for 2015?

Should you add up all those medical receipts?

The short answer: maybe

Are you 65?
Do you know what your AGI (Adjusted Gross Income) for 2015 will be?
If you are 65 or under you are able to claim medical expenses if they are 10% or more of your AGI
If you are over 65 you are able to claim medical expenses if they are 7.5% or more of your AGI.
For example:
Jill is 42. Her AGI for 2015 was $95,000. In order for her to claim any medical expenses they would need to total up to $9,500 or more.

Herman celebrated his 70th birthday this year. His AGI for 2015 was $55,000. To claim his medical expenses they would need to be at least $4,125. 
"Medical care expenses must be primarily to alleviate or prevent a physical or mental defect or illness. They do not include expenses that are merely beneficial to general health, such as vitamins or a vacation"
-IRS Pub 502
  • Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body.
  • These expenses include payments for legal medical services rendered by physicians, surgeons, dentists, and other medical practitioners.
  • They include the costs of equipment, supplies, and diagnostic devices needed for these purposes.
For more:
IRS Publication 502
  • If you have a self-only HDHP coverage you can contribute $3,300. 
  • If you have a family HDHP you can contribute $6,500
*You have until April of 2016 to contribute to you HSA for 2015. 
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