I heard changes are in store for seniors on the medical expense write-off.
Is this true? Yes.
Beginning with 2017 returns due in 2018, the threshold for deducting medical costs on Schedule A jumps to 10% of adjusted gross income for taxpayers who are age 65 or older. This higher floor, set as part of Obamacare, has applied to younger filers since 2013. But older people got a four-year reprieve. Seniors who think they will exceed or get close to this year’s 7.5%-of-AGI threshold should consider getting and paying for elective health procedures before year-end.