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question everything

(50,261 posts)
Thu Jan 2, 2014, 12:37 PM Jan 2014

If you itemize your deductions

From IRS.gov

Temporary exemption for taxpayers age 65 and older

There is a temporary exemption for individuals age 65 and older until Dec. 31, 2016. If you are 65 years or older, you may continue to deduct total medical expenses that exceed 7.5% of your adjusted gross income through 2016. If you are married and only one of you is age 65 or older, you may still deduct total medical expenses that exceed 7.5% of your adjusted gross income.

This exemption is temporary. Beginning Jan. 1, 2017, the 10% threshold will apply to all taxpayers, including those over 65.

3 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
If you itemize your deductions (Original Post) question everything Jan 2014 OP
Damn, not again. LiberalEsto Jan 2014 #1
It was 5% for seniors? question everything Jan 2014 #2
It used to be 5% for everybody that itemized nt LiberalEsto Jan 2014 #3
 

LiberalEsto

(22,845 posts)
1. Damn, not again.
Thu Jan 2, 2014, 12:52 PM
Jan 2014

The threshhold used to be 5% some years ago. It really hurt to lose this deduction.

The 1% keep getting more and more loopholes and deductions.

The rest of us keep losing more and more deductions.

question everything

(50,261 posts)
2. It was 5% for seniors?
Thu Jan 2, 2014, 01:30 PM
Jan 2014

Because I always used the 7.5%. I guess this was before my "senior" years.

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