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Health care Expenses deducation Question?
I pay for my own health/dental Insurance premium (after tax dollars). It is NOT from market place so I don't get 1095A (not sure if that will be a variable. I assume these expenses can be added to health care/medical expenses? I don't have any other health insurance.
Health care/medical expenses are subject to 7.5% rule. Is there any phase out or even income limit?
Q1. 7.5% of which income? AGI? which line on 1040?
Q2. Lets say my AGI for 2021 is $1000000 (just as example, I don't make that much even in my dreams!) so my medical expense has to over $75000 to be eligible to deduct?
Q3. Lets say my medical expenses (made up number just as example) are $80000 and I can only deduct as itemized deduction $5000 ($80k - $75k)?
Q4. Then overall all itemized deductions has to over standard deduction to make used these medical expenses deduction?