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York and Lancaster Counties Rock Hill - Fort Mill - York - Tega Cay - Lancaster
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Old 06-18-2011, 01:40 PM
 
47 posts, read 125,275 times
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Hello,

I have incurred already almost $12K in medical expenses for this year (all out of pocket as I have no health insurance). When it comes to tax time, does anyone know the minimum dollar amount in medical expenses one can start deducting in SC? I just want to ease my mind a bit and hope that when tax time comes I will at least get some of the money back that I had to dish out. Thanks so much for your help.
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Old 06-18-2011, 10:21 PM
 
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Im no tax professional, but I do know that you need to use at least 7.5% of your annual income in medical expenses before deducting it.
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Old 06-20-2011, 02:41 PM
 
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Quote:
Originally Posted by Samana View Post
Im no tax professional, but I do know that you need to use at least 7.5% of your annual income in medical expenses before deducting it.
That is correct!

If you make $100,000/year, than any medical expenses over $7,500 can be deducted. In your case, with $12,000 in expense, you could deduct $4,500 from your Adjusted Gross Income.
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