- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I paid for braces for my dependent in 2016, can I deduct that
Topics:
June 4, 2019
12:08 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes, you can deduct the cost of braces for your dependent (and all other medical expenses and health insurance premiums paid-out-pocket for you, your spouse and your dependents) as Medical Expenses on Schedule A - Itemized deductions.
Medical Expenses are subject to the 10% rule (or 7.5% if you are over 65) and you can only claim the excess over 10% (or 7.5%) of your Adjusted Gross Income.
Please note that Itemized Deductions will only "help" when they exceed your standard deduction.
For 2016, standard deductions are:
For a taxpayer under 65, not claimed as a dependent
- $6,300 for Single
- $12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
- $9,300 for Head of Household
- $6,300 for Married Filing Separately
- If you are over 65 or blind, add $1,250 for each instance or add $1,550 each instance if single and not a surviving spouse
In TurboTax, you can enter Medical expenses by following these steps:
- Click on Federal Taxes
- Click on Deductions & Credits
- Under All Tax breaks, locate the section Medical and click on Show more
- Click Start next to Medical Expenses.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
June 4, 2019
12:08 PM
1,407 Views