20 Jan Can I deduct medical expenses on my tax return?

Q. I expect to have very large medical bills this year because of several surgeries I think I will need. I max out an HSA but that money will be gone quickly. What kinds of medical costs can I deduct?
— Taxpayer

A. You may be able to deduct many medical expenses.

But you need to meet certain criteria first.

For medical expenses to be deductible, they need to be unreimbursed and exceed 7.5% of your Adjusted Gross income or AGI, said Michael Maye, a certified financial planner and certified public accountant with MJM Financial in Gillette.

There are so many possible items to deduct that you should check IRS Publication 502 directly.

“Whether your unreimbursed medical expenses are deductible depends on whether they exceed the AGI threshold and if you itemize on your tax return,” Maye said. “Many taxpayers no longer itemize deductions given the current high level of the standard deduction.”

For example, he said, for the current year, the standard deduction for married filing jointly will be $30,000 (2025 taxes).

Finally, Maye said, discuss with your financial advisor whether it makes sense to utilize your HSA for the unreimbursed medical expenses.

“As a final planning point, evaluate whether letting HSA continue to grow makes sense. If you have other funds to cover the unreimbursed medical expenses, it can make sense to let HSA grow,” he said.

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This story was originally published in January 2025. 

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.