If you bought hearing aids in 2016, you may be able to deduct them, along with other medical expenses, on your taxes.
Let’s start off with a disclaimer: We are not tax experts, we’re hearing loss experts. Our intention here is to help you have the necessary information to be able to decide for yourself whether or not your devices are eligible for a tax deduction. If you have any questions in regard to your taxes or other eligible deductions, please contact your tax preparer.
If you spent a lot of money for your healthcare in 2016, you will be pleased to discover that there are many possible deductions using a Form 1040, Schedule A. These medical expenses will have to be itemized in order to be claimed, and they are also required to exceed a percentage of your Adjusted Gross Income (AGI) to qualify. If you’re under 65 years old, expenses must exceed 10% of your AGI; if you’re 65 or older, they must exceed 7.5% of your AGI. This means that if your AGI is $75,000 and you’re under 65, the first $7,500 (10% of $75,000) of qualified expenses aren’t eligible to be deducted.
What are the qualified medical expenses? A few include…
- Artificial teeth
- Doctor or physician expenses
- Elastic hosiery to treat blood-circulation problems
- Eye surgery, such as Lasik or a similar procedure, when it is not for cosmetic purposes only
- Hospital care
- Medical aids, including wheelchairs, hearing aids and batteries, eyeglasses, contact lenses, crutches, braces and guide dogs (and their care)
- Medicines and drugs
- Oxygen and oxygen equipment
- Smoking-cessation programs (does not have to be recommended by a physician)
- Wig for the mental health of a patient who has lost his or her hair due to a disease
To get more information on deducting medical expenses, and to get a full list of qualified medical expenses, click here.