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Deductions & credits
You can only use the medical expenses that you PAID in 2020, and only the amount above 7.5% of your AGI "counts." So only the amount OVER $8250 counts. That means $13,750 of itemized deductions for medical expenses. Are you filing a joint return? You need itemized deductions that exceed your standard deduction or it has no effect. Did you also enter any mortgage interest, property tax, donations.....etc.?
2020 Standard Deduction Amounts
Single $12,400 (+ $1650 65 or older)
Married Filing Separate $12,400 (+ $1300 if 65 or older)
Married Filing Jointly $24,800 (+ $1300 for each spouse 65 or older)
Head of Household $18,650 (+ $1650 for 65 or older)
**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.**
March 14, 2021
5:07 PM