What is the impact on the Medical and Dental Deductions as a result of the possible Tax Law Changes in 2013?
Taxpayers are going to find it much harder to qualify for the medical and dental expense deductible in 2013. With the current tax law, taxpayers are permitted to deduct qualified medical and dental expenses that exceed 7.5 percent of their adjusted gross income.
However, in 2013, only those taxpayers who are age 65 and older will enjoy the 7.5 percent AGI limit. Those taxpayers under age 65 will only be allowed to deduct medical and dental expenses that exceed 10 percent of their adjusted gross income.