PrescriptionExpense

Forum|Forum|3 years ago
January 26, 2023
3 replies
8 views

Which figure should be used - "Out-of-Pocket cost" or "Your share"

xmasbaby0

Level 15

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.) expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2022—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

2022 STANDARD DEDUCTION AMOUNTS

SINGLE $12,950 (65 or older + $1750)

MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)

MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)

HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)

Legally Blind + $1750

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Mike9241

Level 15

it's what you paid for te RX.

Mike9241

VolvoGirl

Level 15

Where do you see...Out-of-Pocket cost" or "Your share"? Those are the same thing. Whatever you actually paid during the year that you were not reimbursed for.