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Deductions & credits
Yes. They're deductible in the tax year paid - not the tax year incurred. Just understand this:
- Until the total of all itemized deductions on SCH A exceed your standard deduction, they make no difference in your tax liability.
- Before itemized medical expenses count for anything, they must exceed 7% of your AGI. If they do not, then they will not be included on the SCH A, even if your other itemized deductions do exceed your standard deduction.
- The standard deduction for 2018 has been doubled. $12K for single and MFS, and $24K for MFJ. So unless the total of all your itemized deductions exceed the standard deduction, it's a waste of time to itemize.
- Until the total of all itemized deductions on SCH A exceed your standard deduction, they make no difference in your tax liability.
- Before itemized medical expenses count for anything, they must exceed 7% of your AGI. If they do not, then they will not be included on the SCH A, even if your other itemized deductions do exceed your standard deduction.
- The standard deduction for 2018 has been doubled. $12K for single and MFS, and $24K for MFJ. So unless the total of all your itemized deductions exceed the standard deduction, it's a waste of time to itemize.
‎June 4, 2019
7:32 PM