Rude awakening for medical itemizers in health reform

Congressional leaders have limited the medical itemized deduction many taxpayers depend on to make health costs more affordable. 

Health reform legislation making its way through Congress raises the floor on medical expenses that can be deducted on tax forms, from 7.5 percent of adjusted gross income to 10 percent. The change does not affect taxpayers over the age of 65.

The limitation goes into effect in 2013 and is expected to raise over $15 billion over the next 10 years, according to the Joint Committee on Taxation.

The House is expected to vote on the legislation Sunday. The Senate is expected to follow suit next week.

Follow this link to the JCT document