- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
If you itemize deductions you can enter the amount of the medical bills that YOU paid out of pocket---not the amounts covered by insurance. However, it is very hard to use the medical expense deduction since you have to meet two difficult thresholds.
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 2022—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
2022 STANDARD DEDUCTION AMOUNTS
SINGLE $12,950 (65 or older + $1750)
MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)
MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)
HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)
Legally Blind + $1750
AND Sorry but the damage to your car is not deductible. The tax laws that changed for 2018 and beyond eliminated casualty losses as a federal deduction unless your loss occurred as the result of being in a federal disaster area.