Explain the advantage that results from being able to claim medical expenses for any 12 month period that ends in the calendar year.

Question

Quizplus · Accepted Answer

The Answer is The base for medical expenses is reduced by the lesser of 3 percent of the taxpayer's Net Income For Tax Purposes and $2,397 (for 2020). If, for example, an individual had large medical costs in the second half of 2019 and the first half of 2019, deducting the sum of these costs in the 12 month period ending June 30, 2020 would result in only one reduction. In contrast, if the relevant amounts were deducted in each of the two calendar years, the lesser reduction would be applied twice, once in 2019, and again in 2020.

Explain the Advantage That Results from Being Able to Claim