My friend says that you can deduct contacts on your taxes as medical costs. I thought you could only deduct doctor’s visits. Can I really take those off of my taxes? What about glasses?
If you itemize your deductions, you can absolutely include the cost of contacts and glasses as medical expenses – you can also deduct the cost of your visit to your eye care professional. Those are legitimate health care expenses.
In addition to the costs paid to your health care providers, you can include the cost of getting to and from your health-related visits, including parking. Click here for a list of additional medical expenses which may be deductible.
Medical expenses are reported on Schedule A of your 1040. Keep in mind that those expenses are only deductible to the extent that they exceed 7.5% of your adjusted gross income. Here’s a quick example: Your medical expenses total $4,000 and your AGI is $20,000. You can deduct $2,500 of medical expenses: $4,000 (total expenses) less $1,500 (7.5% of $20,000).
Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.receive posts by email, follow me on twitter (@taxgirl) hang out with me on Facebook and check out my YouTube channel.