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Threshold for Medical Deductions Goes Up in 2013

Starting in tax year 2013, you will be able to deduct only the part of your medical expenses that exceeds 10 percent of your adjusted gross income (AGI). (Taxpayers who pay the alternative minimum tax bracket must already meet this threshold.) For those age 65 and older, the threshold for deductions stays at 7.5 percent through 2016. You can take deductions on Schedule A (Form 1040). [April 2013, 303 word article]


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