The amount of your medical expenses, in most cases, must be more than 7.5% of AGI before we can deduct anything, so weigh carefully whether to go to the trouble of summarizing these costs for tax year 2020. If you are self-employed, we still need to know how much you paid for health insurance.
Several states allow a deduction for medical expenses. In NJ, you can deduct your medical expenses (prescriptions, dental, and vision are included) that are above 2% of your New Jersey gross income. Pennsylvania does not have a deduction for medical expenses. We can advise you about other states if requested. For more information, call us at (215) 354-0500.
For more information, call us at (215) 354-0500.