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If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction: AGI threshold increase. Starting in 2013, the amount of allowable medical expenses you must exceed before you can claim a deduction is 10 percent of your adjusted gross income. The threshold was 7.5 percent of AGI in prior years. Qualified Medical Expenses. Funds you withdraw from your HSA are tax-free when used to pay for qualified medical expenses as described in Section 213(d) of the Internal Revenue Service Tax Code. The expenses must be primarily to alleviate or prevent a physical or mental defect or illness, including dental and vision. You can’t claim back your dental expenses ‘dollar for dollar’ – but there are some savings to be had. >>But<< the Government is taking away these tax deductions – read the end of the story for details. For tax purposes, the Australian Tax Office lumps dental expenses together with other medical expenses. Unfortunately, this means you can’t claim back your dental expenses ‘dollar for dollar’ – but there are some savings to be had. In past years, if you itemized your deductions, you could deduct qualified medical and dental expenses to the extent they exceeded 7.5% of your adjusted gross income (AGI). However, beginning January 1, 2013, this threshold was raised to 10%. Here are eight things you should know about the medical and dental expense deduction: 1  AGI threshold increase. Starting in 2013, the amount of allowable medical expenses you must exceed before you can claim a deduction is 10 percent of your adjusted gross income. 2  Temporary exception for age 65. Using your FSA to pay. for Dental Expenses. `. Eligible Dental Expenses. Dental procedures such as teeth cleaning, sealants, fluoride treatments, X-rays, fillings, extractions, dentures and other dental. ailments are all eligible expenses that can be paid for with your Flexible Spending Account (FSA). When paying for these. Managing Out-of-Pocket Dental Expenses. Third-party financing and payment plan options are available to help manage out-of-pocket dental expenses. If you have dental insurance, your coverage will reduce your financial burden. However, unless you have funds readily available to cover your out-of-pocket expenses, you may want to review the various options available to help you pay for your dental care. Dr. Peter Samuels is a Gettysburg general and cosmetic dentist providing dental procedures such as cleanings, dental crowns, dental implants, dentures and porcelain veneers. Dr. Peter Samuels is licensed as a general dentist in Pennsylvania. © 2015 Peter J. Samuels, DDS | PHONE: 717.334.0555 | E-MAIL US. We sometimes get patients that contact the office and ask, “Are porcelain crowns, veneers, or dental implants and other dental expenses tax-deductible?” It’s a good question to ask and the IRS has published an entire pamphlet to address that question and more for people who will be filing during the 2014 tax period. 1) AGI Threshold Increase. The total of your qualified medical and dental expenses must exceed 10% of your AGI to claim a deduction. There’s one exception which we’ll discuss in the next section. 2) Temporary Exception to the 10% AGI Threshold.
Yes, dental are expenses.