Individual Income Tax Filing: Itemized Deductions: Medical and Dental Expense
This dataset tracks individual income tax filing: itemized deductions: medical and dental expense over time.
Latest Value
90195263.00
Year-over-Year Change
46.65%
Date Range
1/1/1999 - 1/1/2016
Summary
This economic trend measures the total amount of medical and dental expenses claimed as itemized deductions on individual income tax returns filed in the United States. It provides insight into household health spending and medical costs.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Individual Income Tax Filing: Itemized Deductions: Medical and Dental Expense series represents the total dollar value of medical and dental expenses that U.S. taxpayers claim as itemized deductions on their annual tax returns. This metric is used by economists and policymakers to analyze household spending on healthcare and track changes in medical costs over time.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
This trend is relevant for assessing the economic burden of healthcare costs on American households and evaluating the impacts of policy changes related to medical expense deductions.
Key Facts
- Medical and dental expenses are the second-largest category of itemized deductions on U.S. tax returns.
- Taxpayers can only deduct medical/dental costs exceeding 7.5% of their adjusted gross income.
- The total value of medical/dental deductions has risen steadily over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar value of medical and dental expenses claimed as itemized deductions on individual U.S. income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into household spending on healthcare costs and can be used to analyze the economic burden of medical expenses on American families.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual income tax returns filed each year.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to evaluate the impacts of changes to medical expense deduction policies on household finances and healthcare affordability.
Q: Are there update delays or limitations?
A: There is typically a 1-2 year lag in the availability of this data due to the tax return filing and processing timeline.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Itemized Deductions: Medical and Dental Expense (IMZDDMDEA), retrieved from FRED.