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Updated Versions of Publications 502 and 503 Have Been Released

Feb 20, 2019 12:14:13 PM

Earlier this month the Internal Revenue Service (IRS) released the latest versions of Publications 502 and Publication 503. These publications are defined by the IRS as the following:

Publication 502: This publication explains the itemized deduction for medical and dental expenses that you claim on Schedule A (Form 1040).

  • It discusses what expenses, and whose expenses, you can and cannot include in figuring the deduction.
  • It explains how to treat reimbursements and how to figure the deduction.
  • It also tells you how to report the deduction on your tax return and what to do if you sell medical property or receive damages for a personal injury.

Publication 503: This publication explains the tests you must meet to claim the credit for child and dependent care expenses. It explains how to figure and claim the credit. 

 

The “What’s New” section(s) for Publication 502 is regarding standard mileage rate:

“The standard mileage rate allowed for operating expenses for a car, when you use it for medical reasons, is 18 cents a mile.”

The new topics for Publication 503 is regarding Forms 1040A and 1040-EZ in that they no longer exist and are not available for use when filing your 2018 taxes. Also, personal exemptions can no longer be claimed for yourself, your spouse, or dependents.

 

For more information on the publications changes you can click the links below to view the official statements from the IRS.

https://www.irs.gov/pub/irs-pdf/p502.pdf
https://www.irs.gov/pub/irs-pdf/p503.pdf

 

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