Floor for Sch A medical deductions to be raised

[FEDUKE404]

As you may already know, the "floor" for itemizing medical deductions will change from its current 7.5% of AGI to 10.0% of AGI starting in 2013.

It appears that increase will not occur for a 2013 tax return where the filer, or either of the spouses in a married filing jointly scenario, is 65 YOA by 12/31/2013.

This was news to me.

So an "old" person would continue to work with the current existing 7.5% AGI floor?

FE

[New York Enrolled Agent]

As you may already know, the "floor" for itemizing medical deductions will change from its current 7.5% of AGI to 10.0% of AGI starting in 2013.

It appears that increase will not occur for a 2013 tax return where the filer, or either of the spouses in a married filing jointly scenario, is 65 YOA by 12/31/2013.

So an "old" person would continue to work with the current existing 7.5% AGI floor?

Code section 213(f)

Special rule for 2013, 2014, 2015, and 2016

In the case of any taxable year beginning after December 31, 2012, and ending before January 1, 2017, subsection (a) shall be applied with respect to a taxpayer by substituting "7.5 percent" for "10 percent" if such taxpayer or such taxpayer's spouse has attained age 65 before the close of such taxable year.

[JohnH]

So an "old" person would continue to work with the current existing 7.5% AGI floor? FE

Hey!
Not so fast here - let's be a little more judicious with that word "old".
I turn 65 in February.

But give me a little credit for foresight.
I arranged to be born in 1948 just so I could take advantage of the revisions which were coming to the medical deduction in 2013.
So how many of you can claim to be that good at advance tax planning?

[Super Mom]

This is good to know about. As if taxes weren't confusing enough already!!!!