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| *The Commerce Journal>>>Other Taxes |
Are out of pocket costs for orthodontic braces eligible for a tax deduction? |
Are out of pocket costs for orthodontic braces eligible for a tax deduction? yes if you itemize deductions, but medical expenses have to exceed a certain pct of your adjusted gross income (like 7.5%) to be able to deduct them. - say your AGI is 50,000 and you have 5000 out of pocket medical costs for the year, you can only deduct 1250 (5,000 - (50,000 x .075)) 5000-3750=1250. As a Medical and Dental Expense Deduction |
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