DEFINITION of 'IRS Publication 502: Medical And Dental Expenses'

A document published by the Internal Revenue Service detailing the deductions permitted for medical expenses. Medical and dental expenses are itemized deductions, and IRS Publication 502 indicates what type of expenses can and cannot be included, how to take into account money received from a personal injury, how to account for medical devices that are sold, and how to report any medical deductions on the tax return itself.

BREAKING DOWN 'IRS Publication 502: Medical And Dental Expenses'

Taxpayers can deduct only medical expenses that are more than 7.5% of their adjusted gross income. If the total is less than that, then the taxpayer won't be able to claim the expenses.


While the IRS document does outline some of the most common medical expenses claimed by taxpayers, a number of conditions are not mentioned specifically. Taxpayers should refer to the IRS definition of a medical expense: "the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatment affecting any part of function of the body."

RELATED TERMS
  1. Itemized Deduction

    A deduction from a taxpayer's taxable adjusted gross income that ...
  2. Medical Expenses

    Any cost incurred in the prevention or treatment of injury or ...
  3. Schedule A

    Schedule A is a U.S. income tax form that is used by taxpayers ...
  4. Deductible

    1. The amount you have to pay out-of-pocket for expenses before ...
  5. Blanket Medical Expense

    An insurance policy which provides coverage for all medical expenses ...
  6. Tax Deduction

    A deduction from gross income that arises due to various types ...
Related Articles
  1. Financial Advisor

    How to Deduct Medical Insurance Premiums

    An overview of tax breaks for those who pay medical insurance premiums.
  2. Taxes

    An Overview of Itemized Deductions

    Not taking the standard deduction this year could save you hundreds of dollars.
  3. Financial Advisor

    Why Clients Should Save More for Medical Expenses

    Here's how to approach clients to get them to save more toward medical expenses in retirement, which continue to grow.
  4. Taxes

    7 Expenses You Won't Believe Are Deductible

    Many taxpayers would be surprised to discover some of the things that qualify as legitimate deductions.
  5. Taxes

    Increase Your Tax Refund With Above-The-Line Deductions

    Find out about these deductions and how you can use them to lower your tax bill.
  6. Taxes

    Top Tax Tips to Deduct Investment Management Fees

    Investment expenses can be deducted by those who meet three main criteria. Here's what they are and how they work.
  7. Taxes

    End-of-the-Year Checklist to Save on Income Taxes

    From grouping related expenses to factoring in the alternative minimum tax, here are some things you need to keep in mind when doing tax planning.
  8. Insurance

    Where Can Americans Go for Cheaper Healthcare?

    With the rising cost of healthcare at home, Americans are looking abroad for their medical care.
  9. Retirement

    65 or More? Best-Ever Medical Deductions End Dec. 31

    2016 is the last year that seniors only have to reach 7.5% of adjusted gross income before deducting medical costs. Have elective procedures by year end.
  10. Taxes

    7 Commonly Overlooked Tax Deductions

    Don't pay more taxes than you have to because you've missed taking legitimate tax deductions. Here are just a few you may have overlooked.
RELATED FAQS
  1. How is the deductible I paid for my insurance claim treated for tax purposes?

    Find out how your health insurance deductible is treated for tax purposes and under what conditions you may be able to deduct ... Read Answer >>
  2. How do I know whether to itemize deductions or take the standard deduction?

    Taking the standard deduction is the easiest and most common method chosen by filers, but many taxpayers may wind up paying ... Read Answer >>
  3. Can a Flexible Spending Account (FSA) be used for dental procedures?

    Learn about Flexible Spending Accounts (FSAs) and which medical and dental expenses are considered qualified medical expenses ... Read Answer >>
  4. What are catch-up contributions for Health Savings Accounts (HSAs)?

    Learn about Health Savings Accounts (HSAs) and how an eligible individual of age 55 or older can make additional catch-up ... Read Answer >>
  5. How can I make sure I get all my eligible deductions?

    Most tax preparation software does a good job. However, like any recipe, the end results are only as good as what goes into ... Read Answer >>
Hot Definitions
  1. Efficient Frontier

    A set of optimal portfolios that offers the highest expected return for a defined level of risk or the lowest risk for a ...
  2. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
  3. Initial Public Offering - IPO

    The first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the ...
  4. Border Adjustment Tax

    A tax levied on goods based on where they are sold – exported goods are exempt from tax; those imported and sold in the ...
  5. Profit and Loss Statement (P&L)

    A financial statement that summarizes the revenues, costs and expenses incurred during a specified period of time, usually ...
  6. Blind Trust

    A trust in which the trustees have full discretion over the assets, and the trust beneficiaries have no knowledge of the ...
Trading Center