New Tax Plan – Medical Expenses

Q: I have a looming medical expense of $5500. Are medical expense deductions being eliminated under the new tax plan for 2018? Should I incur the expense this year?

A: Thanks for reaching out to us. For 2017 and 2018, the new tax law will allow you to deduct qualified medical expenses that exceed 7.5% of your Adjusted Gross Income. This was scheduled to rise to 10% of AGI under the current law so it will work to the advantage of taxpayers.