2013 changes to itemized deduction for medical expenses. One more hidden Obamatax on those who need it most. Seniors, families with children having extraordinary needs and others who have unusually large medical bills face an increased deduction threshold from 7.5% of adjusted gross income to 10% of adjusted gross income on their 1040 Tax return. So while insurance premiums are increasing on this same group, the deductability of the increased expense is decreased! Just to be sure no one notices until it is too late smoke and mirrors defer this impact on persons over 65 until 2016.
Posted on: Thu, 26 Sep 2013 04:36:53 +0000