Laser Eye Surgery & Taxes
Laser Eye Surgery & Taxes - I have a question regarding Medical Expenses and Laser Eye Surgery & Taxes. Can I count laser vision correction as a medical expense on my taxes? You can certainly deduct the cost of laser eye surgery. According to IRS Publication 502 Medical and Dental Expenses, "You can include in medical expenses the amount you pay for eye surgery to treat defective vision, such as laser eye surgery or radial keratotomy." However, medical expenses are limited to the amount over 7.5% of your adjusted gross income. For example - if your annual gross income is $20,000 and you take 7.5% of $20k you get $1,500. So, you are able to claim medical and dental expenses for the amount you spend over the $1,500. That means, if your laser surgery costs $2,000, you can deduct $500 as an itemized deduction on your Schedule A tax form. If you go for the higher priced surgery ($4,000), your itemized deduction would be $2,500. Every little bit helps in my opinion! I know tax day has come on gone but not a bad idea to know this for your 2014 taxes. You can also check with your employer to see if you have a flexible spending account to start saving tax free dollars through your FSA for your laser vision correction procedure. Many patients start a full 6 months to a year ahead researching laser vision correction centers ad doctors in order to know exactly how much money they should put aside for the procedure.