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Deductions & credits
1) only the (unreimbursed) medical expenses that exceed 7.5% of your AGI will be used for itemized deductions.....you put in all your out-of-pocket $$, and TTX will use the proper amount based on your AGI.....so much of that 12,000 may not be used at all.
2) For State taxes paid plus Property taxes paid, that has a max of $10,000, so if you have $15,000 of those, only 10k will add to your itemized deductions.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎April 17, 2023
5:16 PM