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AARP

Higher Standard Deduction Means Fewer Taxpayers to Itemize

By Gary Strauss

The new tax law does preserve the medical-expense tax deduction — supported by AARP. The law allows Americans to write off medical expenses that exceed 7.5 percent of their adjusted gross income in 2017 and 2018, and above 10 percent in 2019 and beyond. Still, the higher standard deductions also may result in fewer filers being able to take the medical-expense deduction, Bronnenkant says.

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This article originally published January 22nd, 2018 on AARP