The amount of your medical expenses that are OVER 7.5% of your AGI is only $12,663, which is less than the standard deduction for joint return for a married couple with one spouse 65 or older . Your standard deduction is $30,750. Do you also have some other itemized deductions like mortgage interest, property tax, charity donations...??? that add up to exceed your standard deduction?
Your AGI was $155,000 7.5% of that is $11,625 Take your total medical expenses of $24,288 and subtract the
$11,625. That leaves a medical expense deduction of $12,663 that can go on your Schedule A with other itemized deductions.
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 2024—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
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
**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.**
