How You Can Deduct Masks as a Medical Expense on Your Taxes

Picture: Canarsie High School (Shutterstock)The IRS recently clarified that personal protective equipment like face masks, hand sanitizer, and disinfecting wipes can now be subtracted as medical costs– and the tax break uses to health cost savings accounts. Heres what you need to know to declare the tax break.How to qualify You can claim expenditures on your own, your partner (if youre submitting collectively), and dependents– however only for purchases made after Jan. 1, 2020. There are 2 ways to make the claim: As part of an itemized tax return: PPE costs can now be lumped in with other competent medical expenses, which are tax deductible once they surpass 7.5% of your adjusted gross earnings (e.g., if you made $100,000, you can subtract additional costs beyond the first $7,500). Costs currently compensated through an insurance claim will not be qualified, however.As a qualified purchase made with funds from a tax-free account: PPE can now be purchased with funds from FSA, HSA, Archer MSA, and HRA healthcare spending accounts (for an overview of certified expenditures, inspect out this Lifehacker post). Also note that COVID-relief legislation allows employers to rollover 2020 healthcare spending accounts for as much as 12 months, so confirm your plans policy with your employer to see if you have additional time to make certifying purchases.For more info on determining whats deductible as a medical cost, use this calculator tool offered by the IRS (it takes about 15 minutes to total). For more details on what counts as a certified cost for a tax-free account, click here.G/ O Media might get a commissionYou still have a long time to file As both taxpayers and the IRS have struggled to keep up with all of the modifications from COVID-relief legislation, the IRS has extended the tax filing due date for the 2020 tax year from April 15 to May 17, 2021. This post ponement uses to specific taxpayers, consisting of people who pay self-employment tax. Penalties, interest, and additions to tax will begin to accumulate on any staying unpaid balances as of May 17, 2021. The majority of states have followed fit and extended their due dates, too.