According to the IRS, you can deduct only the part of your medical and dental expenses that exceeds 7.5 percent of the amount of your adjusted gross income.
Claiming medical expense deductions on your tax return is one way to lower your tax bill. To accomplish this, your deductions must be from a list approved by the Internal Revenue Service, and you must itemize your deductions.
Extra tax deductions for seniors
These are $1,950 for single filers and $1,550 for married individuals filing jointly. Add these amounts to the 2024 standard deductions to receive total tax deductions for seniors of $16,550 (single) and $32,300 (married).
Re: Retiree Health Insurance Premium Tax Deductible? Yes - qualifying medical expenses exceeding 7.5% of your adjusted gross income are deductible. After January 1, 2019 it's 10%.
For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: $1,950 for Single or Head of Household (increase of $100) $1,550 for married taxpayers or Qualifying Surviving Spouse (increase of $50)
At What Age Can You Stop Filing Taxes? Taxes aren't determined by age, so you will never age out of paying taxes. People who are 65 or older at the end of 2024 have to file a return for tax year 2024 (which is due in 2025) if their gross income is $16,550 or higher.
You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.
If you, your spouse, or your dependent is in a nursing home primarily for medical care, then the nursing home cost not compensated for by insurance or otherwise (including meals and lodging) is deductible as a medical expense.
You can deduct on Schedule A (Form 1040) only the part of your medical and dental expenses that is more than 7.5% of your adjusted gross income (AGI). This publication also explains how to treat impairment-related work expenses and health insurance premiums if you are self-employed.
Yes, Medicare premiums are tax deductible as a medical expense as long as you meet two requirements. First, you must itemize your deductions on your tax return to deduct them from your taxable income. Second, only medical expenses that exceed 7.5% of your adjusted gross income (AGI) are deductible.
If you or a loved one live in an Assisted Living or Memory Care community, all or part of your care costs may qualify for the medical expense tax deduction. The medical expenses included in the fees for Assisted Living or Memory Care can be written off on taxes—with some qualifications and restrictions.
Individual taxpayers cannot deduct funeral expenses on their tax return. While the IRS allows deductions for medical expenses, funeral costs are not included. Qualified medical expenses must be used to prevent or treat a medical illness or condition.
Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of 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.
Medicare Part B Premium and Deductible
The standard monthly premium for Medicare Part B enrollees will be $185.00 for 2025, an increase of $10.30 from $174.70 in 2024. The annual deductible for all Medicare Part B beneficiaries will be $257 in 2025, an increase of $17 from the annual deductible of $240 in 2024.
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
At what age is Social Security no longer taxable? Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.
If your spouse dies, do you get both Social Security benefits? You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement. If you qualify for both survivor and retirement benefits, you will receive whichever amount is higher.
Extra standard deduction for people over 65
For example, a single 64-year-old taxpayer can claim a standard deduction of $14,600 on their 2024 tax return. However, a single 65-year-old taxpayer will get a $16,550 standard deduction for the 2024 tax year.
For single filers and heads of households age 65 and over, the additional standard deduction will increase slightly — from $1,950 in 2024 (returns you'll file soon in early 2025) to $2,000 in 2025 (returns you'll file in early 2026).
Examples of Medical and Dental Payments you CANNOT deduct:
Health club dues, gym membership fees, or spa dues. Electrolysis or hair removal. The cost of diet food or nutritional supplements (vitamins, herbal supplements, "natural medicines") Teeth whitening.
If you only use your car for personal use, then you likely can't deduct your car insurance premiums from your taxable income. Generally, you need to use your vehicle for business-related reasons (other than as an employee) to deduct part of your car insurance premiums as a business expense.
Many home health care services, like physical therapy and nursing, are tax deductible. Depending on the situation, you may need to prove your family works with a trained medical professional or licensed company. To qualify as a deduction, care costs must exceed 7.5% of your adjusted household income.