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Get your taxes done using TurboTax
1. Yes, you can claim all of your medical expenses, but there are some significant restrictions.
- Medical expenses Limit: You can only deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI.
- These are the Acceptable Medical and dental expenses include as expenses.
2. The distribution from the Traditional IRA should be taxed, but only once.
- You did not pay taxon that Traditional IRA contribution.
- When entering the 1099-R information, follow these steps
- Under Federal
- Select Wages & Income
- Scroll to and select IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Now Edit or Add another 1099-R
- Continue the interview to the question
- Tell us if you moved the money through a rollover or conversion
- I converted some or all of it to a Roth IRA
- If you had taxes taken out
- No, I converted less than $XXX XXX
- Post the Actual amount converted
3. If you had taxes withheld when you withdrew the Traditional IRA, it will reduce your tax burden.
- If you're referring to a penalty charge (That you had withheld) it would also reduce the tares owed.
- If I misunderstood this question, please give a clarification.
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‎February 9, 2025
8:16 AM