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How Tax Reform Could Impact Senior Citizens
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How Tax Reform Could Impact Senior Citizens

Knowledge at Wharton·@HashtagPLUS·about 1 month ago
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Among several issues hanging in the balance as the House and Senate try to reconcile their versions of the Tax Cuts and Jobs Act is a deduction for medical expenses. The House version of the bill eliminates this tax break, which is used by people who incur significant health care costs, such as those with chronic medical conditions or senior citizens. But the Senate bill leaves it in place and temporarily lowers the threshold for claiming the deduction from 10% of adjusted gross income to 7.5%. About 8.8 million households, or about 6% of tax filers, claim the medical expenses deduction — a relatively small number, but it can save thousands of dollars for those who use it to cover the costs of nursing homes, assisted living or inpatient hospital stays.…

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