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21 November, 09:03

You discover you can deduct medical expenses over 6% of your income. Your income is $42,000 and you had medical expenses of $567. What portion of your medical expenses can you deduct?

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  1. 21 November, 09:32
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    Given:

    income = 42,000

    medical expenses = 567

    only 6% of the income can be deducted as medical expenses.

    42,000 x 6% = 2,520

    Since 2,520 is the maximum value of the medical expenses to be deducted but your actual expense is only 567, the whole 567 can be deducted.

    In the event the medical expenses is higher than the 6% equivalent, only the 6% equivalent can be deducted.
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