Each year, you should add all of your medical and dental expenses that you paid for yourself, spouse and dependents together. You can deduct the portion of these expenses that exceeds 7.5 percent of adjusted gross income if you itemize deductions on Schedule A.

For a list of out-of-pocket expenses that can and cannot be deducted, go to www.irs.gov and search for Publication 502, Medical and Dental Expenses. You can deduct prescription drugs but not nonprescription drugs. If you receive health insurance from your employer, you can deduct your share of the premiums only if the premiums are included in Box 1 of your W-2 form.

Separately, if you are self-employed and have a net profit for they year, you might be able to deduct up to 100 percent of premiums you pay for health and long-term care insurance. The deduction can not exceed your net profit minus your deductions for self employment tax and any Keogh, SEP, or SIMPLE plan contributions. You cannot take this deduction for any month in which you were eligible to participate in a subsidized health care plan through your job or your spouse’s. If you can not claim 100 percent of your premiums under the deduction, you can add any excess to your other medical expenses for the year that will be deductible on Schedule A to the extent they exceed 7.5 percent of adjusted gross income.