Income tax filing deadlines are quickly approaching; therefore, now is the time to gather all your medical deductions receipts. Did you know that if you itemize your medical deductions on your federal income tax, your hearing aids are tax-deductible? Hearing aids, batteries, maintenance, and repairs are all deductible as itemized medical expenses.
ITEMIZE MEDICAL EXPENSES
When deciding whether or not to itemize your medical expenses, consider the following:
Did your out-of-pocket medical care expense exceed 7.5% of your adjusted gross income?
Did you pay for your hearing aids through a health savings account (HSA)?
Do you qualify for the Earned Income Tax Credit (EITC) or the disability tax credit?
Your adjusted gross income can be found on line 11 of your 2024 Form 1040. For example, if your AGI is $50,000, the first $3,750 of qualified expenses (7.5% of $50,000) will not be deductible.According to the IRS, deductible medical expenses may include the following:
RECEIPTS FOR MEDICAL CARE
Fees to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners such as:
Amounts paid for inpatient hospital care or residential nursing home care if the availability of medical care is the principal reason for being in the nursing home, including the cost of meals and lodging charged by the hospital or nursing home. If the availability of medical care isn’t the principal reason for residence in the nursing home, the deduction is limited to that part of the cost of medical care.
Acupuncture treatments.
Inpatient treatment at a center for alcohol or drug addiction. Amounts paid for participation in a smoking-cessation program and for prescription drugs to alleviate nicotine withdrawal.
Amounts paid to participate in a weight-loss program for a specific disease or disease, including obesity, diagnosed by a physician.
Insulin and prescription medicines or drugs.
Denture, reading or prescription eyeglasses, contact lenses, hearing aids, a guide dog or other service animal to assist a visually impaired or hearing disabled person, or a person with different physical disabilities, crutches, and wheelchairs.
Amounts paid for insurance premiums to cover medical care or qualified long-term care.
OTHER EXPENSES
In limited situations, these expenses may also be included in your Medical expenses
Amount paid for membership to a health club is primarily to prevent or alleviate obesity.
Medical conference relating to a chronic illness of you, your spouse, or your dependent. (If the costs are primarily for and essential to necessary medical care). However, you may not deduct the expenses for meals and lodging while attending the medical conference.
Transportation primarily for and essential to medical care that qualify for the medical expense deduction. Amounts paid for transportation include your out-of-pocket expenses for your car, such as gas and oil, or the standard mileage rate for medical expenses, plus the cost of tolls and parking; taxi, bus, or train fare; and ambulance costs.
Specific nutrition, wellness, and general health costs are considered medical expenses. Read more at Frequently asked questions about medical expenses related to nutrition, wellness, and general health.
Other deductible hearing assistance items include televisions and related accessories that amplify sound. Also, guide dogs (including veterinary, grooming, and food expenses), particular smoke detectors, doorbells, burglar alarms, captioned phones, and teleprinters.
Taxes can prove to be a daunting task for even the most experienced filers. The IRS offers an Interactive Tax Assistant, an online tool to help you determine deductible expenses. Keep all of your receipts, which will help to itemize your deductions, make them easier to complete, and flow more smoothly. As always, if any specific financial questions you have, you should bring them to your accountant or tax advisor.
Dr. Joe “Tripp” Griffith
Dr. Joe “Tripp” Griffith at Accessible Hearing Aids knows how hearing aids work, the benefits of different types of hearing aids, and what type will benefit you the most. He will focus on you and your unique needs, and help you reach an informed decision.
