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Julia Sims has $26,000 of adjusted gross income and $4,160 of medical expenses. She will be itemizing her tax deductions this year. The most recent
Julia Sims has $26,000 of adjusted gross income and $4,160 of medical expenses. She will be itemizing her tax deductions this year. The most recent tax year has a medical expenses floor of 10 percent. How much of a tax deduction for medical expenses will Julia be able to take?
For information purposes only: Under the new 2018 tax law, a 7.5 percent medical deduction threshold will be in place for the 2018 tax year. After that, the threshold reverts back to 10 percent of gross income.
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