Medical expenses are reported on Schedule A, and are deductible only if you are itemizing your deductions. It's always good to keep the receipts with your copy of the tax return, but you don't have to submit them to the IRS.
Please keep in mind the following about deducting your medical expenses:
- You don't get the benefit if you are taking the standard deduction.
- If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income.
To enter your medical expenses in TurboTax, please follow these steps:
- Click on Federal Taxes > Deductions & Credits [In TT Self-Employed: Personal > Deductions & Credits > I'll choose what I work on].
- In the Medical section, click on the Start/Revisit box next to Medical Expenses.
- TurboTax will then ask you if your total medical expenses exceed a certain number. [That's the 7.5% AGI mentioned above.]
- If you think your total medical expenses will exceed that number, continue through the interview, entering the requested information on your medical expenses.
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