IRS Releases 2022 Version of Publication 502

The Internal Revenue Service (IRS) has released the latest version of Publication 502, which describes what medical expenses are deductible by taxpayers on their 2022 federal income tax returns. This publication provides guidance on what qualifies as a medical expense under Code § 213(d) and helps identify the expenses that may be reimbursed or paid by health flexible spending accounts (health FSAs), health savings accounts (HSAs), or health reimbursement arrangements (HRAs), or covered on a tax-favored basis under other group health plans (e.g., an employer-sponsored medical plan).  

The Details:

Publication 502 explains the itemized deduction for medical and dental expenses that a taxpayer can claim on Schedule A (Form 1040) and discusses what expenses, and whose expenses, a taxpayer can and cannot include in figuring the deduction. It also explains how to treat reimbursements and how to figure the deduction and informs taxpayers on how to report the deduction on their tax return and what to do if taxpayers sell medical property or receive damages for a personal injury.

Under the “What’s New” Section, the 2022 Publication 502 states as follows:

Standard mileage rate. The standard mileage rate allowed for operating expenses for a car when you use it for medical reasons is 18 cents a mile from January 1, 2022, through June 30, 2022, and 22 cents a mile from July 1, 2022, through December 31, 2022.

Health coverage tax credit (HCTC). The HCTC was not extended. The credit is not available after 2021. If you are an eligible trade adjustment assistance (TAA) recipient, an alternative TAA recipient, a reemployment TAA recipient or a Pension Benefit Guaranty Corporation payee, then you will no longer use Form 8885 before completing Schedule A, line 1.

For a copy of Publication 502 (Medical and Dental Expenses (for preparing 2022 Returns), please click on the link provided below:

https://www.irs.gov/pub/irs-pdf/p502.pdf

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