If you’re among the 13 percent of Americans who’ve discovered the convenience of filing your taxes with 1040EZ, you’ll want to do a little research to see if itemizing your deductions is worth the extra effort. Anyone can itemize, but choosing this option means you’ll have to use Form 1040 and Schedule A.

Those with large, uninsured medical and dental expenses during the year (such as purchasing hearing aids) may benefit from itemizing.

You can only deduct the amount of the total that exceeds 10 percent of your adjusted gross income (line 38 on Form 1040). For example, if your adjusted gross income is $50,000, you can deduct the cost of any allowable medical expenses which exceed $5,000, or $3,750 (7.5 percent) if you or your spouse is age 65 or older.

Allowable deductions include any payments you made for your diagnosis and treatment, which include what you paid for your hearing aids. While the purchase of hearing aids alone may not add up to much, it may be a significant factor when combined with your family’s other medical and dental expenses.

Additionally, you may also be able to deduct the costs for transportation associated with your hearing loss, including actual fares for taxi, bus, train and ambulance rides. If you don’t use public transportation, the actual out-of-pocket expenses you incurred for your personal vehicle are deductible, such as gas, oil and mileage, tolls and parking — but only as they directly relate to your qualifying medical expenses.

Alternatively, it may also be beneficial to use a Flex Spending Acount (FSA) to help pay for your hearing health costs. FSAs are pre-tax benefit accounts you put money into to pay for out-of-pocket health care costs. They are only available with job-based health plans and have a contribution limit of $2,550 each year. If you have additional questions about itemizing, the IRS offers free assistance online, over the telephone or in person at IRS Taxpayer Assistance Centers.

Content by HealthyHearing