Tax Deductions and Credits Real Talk Series: Do My Cancer Treatments Affect My Taxes? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Oct 7, 2016 - [Updated Jun 5, 2019] 2 min read Q: I was diagnosed cancer with this year, and am currently receiving treatments. Will this have any affect on my tax situation? A: I am sorry to hear about your diagnosis, but hopefully this information will help you. If you have been diagnosed with cancer or any disease and you are receiving medical treatments you may be able to lower your taxable income by deducting the medical expenses you paid as a medical expense deduction. First, what you need to know is that you have to be able to itemize your tax deductions instead of taking the standard deduction. For 2016, if your itemized deductions are more than the standard deduction of $6300 ($12,600 married filing jointly), you may be able to deduct your medical expenses if they are more than 10% of your adjusted gross income (7.5% if 65 and older). So if your adjusted gross income is $50,000 then your medical expenses that are more than $5,000 (10% x $50,000) may be able to be deducted. That may seem like a lot, but many taxpayers find that their medical expenses can really add up. Here are just a few expenses you may have paid that you may be able to deduct as medical expenses: Doctor visits Co-pays Radiology and X-rays Cancer treatments like Chemotherapy and Radiation Therapy In home care Hospital stays Therapy Reconstructive surgery Wigs if purchased for chemotherapy-induced hair loss Prescription medication Cost for transportation essential to medical care, including lodging at $50 a day Premium payments for private medical plans Although there are a few requirements that you have to meet in order to deduct medical expenses, it is very easy for medical expenses to add up so you are able to get some possible relief on your taxes for the money you have paid. *Note, if you are self-employed you can deduct your medical insurance premiums you paid as a business expense. The premiums do not have to meet the itemized deduction and threshold requirement. Don’t worry about knowing the tax rules for claiming medical expense deductions. TurboTax ask simple tax questions and will give you the tax deductions you are eligible for based on your entries. Previous Post NYC Uber Riders Can Now Use Pre-Tax Dollars to Pay… Next Post Goodbye Shorts and T-Shirts, Hello Boots and Sweaters! 4 Ways… Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?