According to the IRS, what is the threshold for medical expenses to be tax deductible?

The threshold for medical expenses to be tax deductible, according to the IRS, is indeed 7.5% of adjusted gross income (AGI). This means that taxpayers can only deduct the portion of medical expenses that exceeds this percentage of their AGI. For example, if an individual has an AGI of $50,000, they can only deduct medical expenses that exceed $3,750 (which is 7.5% of $50,000).

This threshold is important because it determines how much of one's medical expenses can actually contribute to tax savings. If taxpayers do not incur medical expenses that exceed this threshold, they will not be able to take a deduction for those expenses on their tax return.

The deduction helps alleviate some of the financial burden associated with healthcare costs, encouraging taxpayers to maintain their health and seek necessary medical care without as much concern about the financial aspect. Other options, such as 5%, 10%, or 15% of adjusted gross income, do not reflect the current policy regarding medical expense deductions as set by the IRS and may lead to incorrect assumptions about eligibility for deductions.