What does the view look like for your 2020 taxes if you wear glasses? If you purchased eyeglasses in 2020, you may be wondering if you can deduct this expense when filing your 2020 taxes in 2021. The good news is that eyeglasses still count as a qualifying deduction for you this year. Let's take a look at the specific requirements.
Deduct Eyeglasses on Your Taxes
The IRS lets you deduct certain medical expenses on your taxes. "Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or payments for treatments affecting any structure or function of the body," according to the IRS. Eyeglasses fit under this category. As a result, eyeglasses count as one of the many medical expenses that qualify for deductions.
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Which Glasses Can You Deduct?
No, not just any pair of glasses can be claimed on your taxes. You can only claim prescription eyeglasses that you use for medical purposes. That means that "fashion glasses" won't count. However, both eyeglasses and sunglasses that are prescribed to you can qualify for the deduction. If you tend to purchase new glasses at the beginning of the year, it's a good idea to get into the habit of putting your payment receipts in a secure place until tax time.
Who Can Take the Eyeglasses Deduction in 2020?
You may be able to claim the cost of your eyeglasses as a deducible expense if you itemize your deductions for 2020 on Schedule A. That means that you're using Form 1040 or 1040-SR. The deduction also counts for your spouse or dependents.
However, there is a cap even if you do qualify to deduct the cost of your eyeglasses. In 2020, only medical expenses that exceed 7.5 percent of your adjusted gross income can count toward this deduction.
Can Contact Lenses Also Be Claimed on Taxes in 2020?
Yes, contact lenses also count as "prescription eyeglasses" in the eyes of the IRS. However, they won't count if you're simply buying contact lenses to change the color of your eyes for cosmetic purposes. Only prescription contact lenses being used for medical purposes qualify for a tax deduction. You should also know that costs related to eye exams and corrective eye surgery can also be deductible in 2020.
What If Your New Glasses Don't Arrive Before the End of 2020?
If you're ordering new glasses at the end of the year, you may have some questions. Your glasses qualify for the deduction based on the year you paid for them. That means that you can deduct your glasses for the 2020 tax year if you've already paid for them even though they may not arrive until 2021.
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The Deduction for Eyeglasses Is Still Here in 2020
The bottom line is that the deduction for prescription eyeglasses is still available for you when you file your 2020 taxes. What's more, the maximum of 7.5 percent that has been in place for years has remained the same for 2020. That means that you can handle this deduction the same way you did for 2019 if you're already familiar with the process of claiming eyeglasses on your taxes.
Read More: Carrying Forward Itemized Deductions
Adam Luehrs is a writer during the day and a voracious reader at night. He focuses mostly on finance writing and has a passion for real estate, credit card deals, and investing.