Question

Taxpayers over 65 can only deduct expenses that are greater than 7.5% of adjusted gross income for

Answer 1

The answer to this is MEDICAL and DENTAL EXPENSES. This is already a fixed law in terms of expenses deduction which would be based on the adjusted gross income. For individuals below 65 years old, they only have 10%. 65 years old is the temporary threshold and this is an exemption making it 7.5% of their AGI or the adjusted gross income.