Are Eyeglasses Tax Deductible?
Eyeglasses are essential tools for millions of individuals who rely on them to correct their vision and carry out daily activities. However, when it comes to tax time, many wonder if they can claim their eyeglasses as a tax deduction. Understanding the guidelines surrounding medical expenses, including eyeglasses, can be beneficial for taxpayers, especially those who bear significant healthcare costs. In this blog, we’ll explore the tax implications of purchasing eyeglasses, how they fit into medical expense deductions, and what steps you can take to maximize your tax benefits.
At Kings Highway Vision Center of Brooklyn, NY, we often receive questions from our patients about whether their eyeglasses are tax-deductible. We aim to clarify this topic, providing insight into how you can potentially save money on your taxes while ensuring that your eye care needs are met.
What Are Medical Expense Deductions?
To determine if your eyeglasses are tax-deductible, it’s crucial to understand what medical expense deductions entail. According to the IRS, medical expenses are the costs of diagnosis, treatment, mitigation, or prevention of disease, and they include payments for medical services. Medical expenses also include payments for medical equipment, supplies, and diagnostic devices prescribed by a doctor.
In terms of taxes, you can claim medical expenses as an itemized deduction on your federal income tax return. However, there is a threshold to meet. As of 2023, taxpayers can only deduct medical expenses that exceed 7.5% of their adjusted gross income (AGI).
For example, if your AGI is $50,000, you can deduct unreimbursed medical expenses that are more than $3,750. If you spent $5,000 on medical expenses during the year, you can only deduct $1,250 on your tax return.
Are Eyeglasses Considered a Medical Expense?
Yes, prescription eyeglasses are considered a medical expense. Eyeglasses fall under the category of medical devices needed for vision correction, as they are typically prescribed by an optometrist or ophthalmologist to address a medical condition such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism, or presbyopia. Therefore, the cost of your prescription glasses, along with any necessary add-ons like prescription lenses or lens coatings, can be included in your itemized deductions as part of your medical expenses.
At Kings Highway Vision Center of Brooklyn, NY, we understand that eyeglasses are a critical component of your overall health and well-being. By prioritizing your eye health through regular eye exams and corrective lenses, you’re also prioritizing your quality of life, and potentially, your tax savings.
How Much of Your Eyeglasses Are Tax-Deductible?
As mentioned earlier, medical expenses—including eyeglasses—can only be deducted once they exceed 7.5% of your AGI. To maximize your deduction, it’s important to keep track of all your medical-related expenses throughout the year. In addition to eyeglasses, other eligible medical expenses include:
- Visits to your optometrist or ophthalmologist
- Contact lenses and related supplies
- Eye surgery, including cataract surgery or LASIK
- Treatments for conditions such as dry eyes or glaucoma
- Prescription medications related to eye health
While only the costs associated with prescription eyewear are deductible, non-prescription glasses, such as reading glasses or blue light-blocking lenses, are not eligible for this deduction unless prescribed by a medical professional.
Are Other Eye-Related Costs Deductible?
Beyond eyeglasses, you may have incurred other eye-related medical expenses that are also deductible. These include costs for eye exams, medical treatments for conditions like dry eyes and glaucoma, and even cataract evaluations.
When it comes to Kings Highway Vision Center of Brooklyn, NY, our services extend beyond just helping you find the right pair of eyeglasses. We offer comprehensive eye exams, glaucoma screenings, and cataract evaluations—all of which may qualify as tax-deductible expenses if they meet the IRS criteria. It’s essential to keep thorough records and receipts of these expenses to ensure you receive the full benefit of your deduction.
Can You Deduct Vision Insurance Premiums?
If you have vision insurance, you may be wondering if the premiums you pay for that coverage are deductible. In general, premiums for vision insurance, like other health-related insurance premiums, are considered a medical expense. You can include them in your itemized deductions, provided your total medical expenses exceed the 7.5% AGI threshold.
Vision insurance can help offset the cost of eye exams, eyeglasses, and contact lenses. By paying for your vision insurance out-of-pocket and including it in your medical deductions, you may be able to reduce your taxable income.
Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA)
If you have a Flexible Spending Account (FSA) or a Health Savings Account (HSA), you can use these accounts to pay for medical expenses such as prescription eyeglasses. FSAs and HSAs allow you to set aside pre-tax dollars from your paycheck to pay for eligible medical expenses. Because these accounts are tax-advantaged, using them for your eyeglasses and other vision-related costs can help you save money by reducing your taxable income. However, since the funds are already pre-tax, you cannot claim these expenses again on your tax return as a deduction.
For those who do not have access to an FSA or HSA, tracking and deducting medical expenses like eyeglasses on your tax return can be an excellent way to manage healthcare costs.
How to Claim Eyeglasses as a Tax Deduction
If you plan to deduct the cost of your eyeglasses, it’s essential to follow a few key steps to ensure that you claim the deduction correctly:
- Keep Records: Save all receipts and documentation for your eyeglasses, eye exams, and any other medical treatments. These records will serve as proof if the IRS requests additional information.
- Itemize Your Deductions: You must itemize your deductions on Schedule A of your federal tax return to claim medical expenses. This means forgoing the standard deduction and listing all eligible deductions, such as medical expenses, mortgage interest, and charitable contributions.
- Calculate Medical Expenses: Once you’ve gathered your records, calculate your total unreimbursed medical expenses for the year. Remember, only the portion that exceeds 7.5% of your AGI is deductible.
- Include Vision Insurance: If you paid for vision insurance out-of-pocket, include the premiums in your total medical expense calculation.
- File Your Taxes: When you file your taxes, report your itemized deductions on Schedule A. This will reduce your taxable income and, consequently, the amount of tax you owe.
Considerations for Taxpayers
While deducting medical expenses can result in tax savings, it’s important to evaluate whether itemizing your deductions makes sense for your financial situation. For many taxpayers, the standard deduction may exceed their total itemized deductions, making it more beneficial to take the standard deduction. In 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly.
For those with significant medical expenses, including eyeglasses, itemizing can result in a substantial tax benefit. If you’re unsure whether itemizing is right for you, consider consulting with a tax professional to review your options.
Conclusion: Prioritizing Eye Health and Financial Wellness
At Kings Highway Vision Center of Brooklyn, NY, we believe that eye health is a critical component of overall well-being. Prescription eyeglasses are an essential part of maintaining clear vision, and the good news is that they can also provide some tax relief. By understanding how to deduct medical expenses, including eyeglasses, you can optimize your tax benefits while taking care of your eye health.
In addition to prescription glasses, other expenses such as eye exams, treatments for conditions like glaucoma, and cataract evaluations may also qualify for a deduction. Keeping detailed records and consulting with a tax professional can ensure that you maximize your tax savings.
Remember, investing in your eye health not only enhances your quality of life but can also lead to financial advantages. If you have questions about your eye care needs or how to make the most of your tax deductions, visit Kings Highway Vision Center of Brooklyn, NY, where our team of Brooklyn Optometrists is here to assist you.
For more information or to schedule an appointment with our Brooklyn optometrists, please contact Kings Highway Vision Center today. Your vision and comfort are our priority, ensuring a brighter, headache-free tomorrow. Contact Us Today to Schedule Your Appointment or Call Us at (718) 376-2020.