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0 0 -0.00321888412017161 -0.00128755364806853 0.0064377682403434 0.0032188841201718 0 -0.00107296137339053
Stock impact report

Did you have big medical bills last year? They may be tax deductible [CNBC]

GoodRx Holdings, Inc. - Class A (GDRX) 
Company Research Source: CNBC
But many taxpayers miss out on this valuable tax break because they don't know which expenses are eligible or how to claim them. Here's what you need to know to deduct eligible medical costs from your taxable income. Are medical expenses tax deductible? The IRS allows federal filers to deduct qualifying medical expenses that exceed 7.5% of their adjusted gross income (AGI). So, if your AGI was $80,000, you can deduct health costs above $6,000. To claim the medical expenses, however, you must itemize your return rather than take the standard deduction. The standard deduction for tax year 2024 is $14,600 for a single taxpayer. So if your total deductions — including medical bills — is less than $14,600, it's not worth itemizing. If they exceed that threshold, however, an itemized return is likely the right choice. Start preparing your taxes with these options What medical expenses qualify? Eligible medical expenses must meet certain requirements defined by the IRS. “I Show less Read more
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