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Deductions & credits
You have to meet TWO very tough thresholds before medical or dental expenses make any difference in your refund or tax due. First---you can only get a medical deduction for the amount you actually paid in the tax year that is ABOVE 7.5% of your AGI----so that's the first hurdle.
Only expenses you have actually paid count. You cannot enter payments you will make in the future.
Then, you have to have enough itemized deductions like medical expenses, mortgage interest, property tax, etc. to exceed your standard deduction. If you have not exceeded your standard deduction, then none of the Itemized deductions will make any difference at all.
**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.**
‎November 4, 2022
7:23 AM