Retirement tax questions

UPDATED FOR TAX YEAR 2019

Yes and No.

Medical Expenses

Yes to the medical expenses, but only if you are itemizing deductions (and not taking the standard deduction).

Please keep in mind the following about deducting your medical expenses, including health insurance:

• You don't get the benefit if you are taking the standard deduction.
• If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income.  

To enter your medical expenses in TurboTax, please follow these steps:

1. Click on Federal Taxes > Deductions & Credits  [In TT Self-Employed:  Personal > Deductions & Credits > I'll choose what I work on].
2. In the Medical section, click on the Start/Revisit box next to Medical Expenses.  
3. If you haven't yet entered any medical expenses, TurboTax will ask you if your total medical expenses exceed a certain number.  [That's the 7.5% AGI mentioned above.]     
4. If you think your total medical expenses will exceed that number, click the blue Yes box and continue through the interview, entering the requested information on your medical expenses.

401k Contributions

No. If the 401k contributions were taken from your paycheck, do not enter them separately in TurboTax.  The contributions are already subtracted from your taxable income (box 1).  The deduction amount should appear in box 12 of your W-2 with a code D.

[Edited | 4/9/2020 |  11:23am PDT]