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Old 11-05-2014, 03:27 PM
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What are the changes to the Medical Deductions on Schedule A for the tax year 2014?

A main provision Affordable Care Act is an increase in the threshold for deducting medical expenses brought about by the ACA.

"Under the old rule, prior to 2014, taxpayers who itemize could deduct medical expenses exceeding 7.5% of their adjusted gross income, or AGI. Obamacare has increased this threshold to 10%. Thus, for example, an individual with an adjusted gross income of $50,000 can only deduct expenses over $5,000, rather than the $3,750 limit that would have applied under the old rule, prior to 2014.

The primary exception is that the 10% threshold does not yet apply to people aged 65 and over and their spouses. These folks may continue to use the 7.5% threshold through tax year 2016, at which time they will default to the 10% framework along with everyone else."

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