There is a little talked about, but very significant change to our tax code just around the corner. I’m not sure many people are aware of it.
When we file our tax returns in 2018 (for calendar year 2017) the floor for deducting medical expenses for those over age 65 raises from 7.5 to 10 percent. This is effectively a 33 percent tax increase for those unfortunate enough to have medical expenses that exceed 7.5 percent of their adjusted gross income.
These people are already suffering enough. There may be some tax deductions that could be examined, but not one that goes to people already strapped with high medical costs.
Please contact your congresspersons and encourage them to extend the 2016 rules, rules which have been in effect for many years. Given all of the other concerns about escalating medical costs, this is one area where senior citizens in Iowa could catch a break.