Dictionary of Accounting Terms: medical expense deduction
medical expense deduction
itemized deduction allowed when total medical expense, less reimbursements by medical insurance plans, exceeds 7.5% of adjusted gross income. Examples of deductible items are doctor bills, laboratory tests, and transportation costs to the doctor's office.
Dictionary of Business Terms: medical expense deduction
medical expense deduction
allowable itemized deductions by individuals for unreimbursed payments for medical care, prescription drugs, and medical insurance premiums. Limited to the amount that exceeds 7.5% of the taxpayer's Adjusted Gross Income (AGI).
