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NJ Tax Payers: Make Sure You Always Claim Your Medical Expenses


A 30-second read by Nicholas Scheibner:  New Jersey is certainly not known as a “tax-friendly” state.  However, the garden state has a much lower threshold on Medical Expense deductions than the federal government. New Jersey allows certain non-reimbursed Medical Expenses to be deducted after they exceed only 2% of your gross income. 

A few examples of things you should make sure you keep track of throughout the year:

  • Medicare Insurance Premiums
  • Dental Insurance Premiums
  • Doctor Co-pays
  • Out-of-pocket Prescription Costs
  • Eyeglasses and vision exams

This is commonly overlooked  by taxpayer’s who do not itemize their deductions.  However, if you make $60,000 gross income per year, 2%  is only $1,200.  For most people, their medical expenses will exceed that 2% as long as they keep track of all of them.

As always, if you have any further questions, don’t hesitate to contact the Baron Financial Group team.

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Comment   |  2 years, 4 months ago from Fair Lawn, NJ