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demiller49
New Member

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

 
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SweetieJean
Level 15

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

TT cannot do so until the IRS revises and approves the 2017 Schedule A.

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9 Replies
SweetieJean
Level 15

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

TT cannot do so until the IRS revises and approves the 2017 Schedule A.

l33karron
New Member

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

Do you have an approximate date for when this might happen?
macuser_22
Level 15

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

Only the IRS knows.   The IRS usually announces the start of the tax filing season (last year it was Jan 22, 2017) but they have not announced any 2018 date yet.   Hopefully it will be in late January and the form available by then.  (A few years ago when Congress make late year tax law changes, some forms were not ready until late March).

The tax law that affects the medical deduction was just signed into law (makes it 7.5% of AGI for everyone).  The official IRS Schedule A is still the 2016 version.  Until the IRS publishes the 2017 version with the changes and then issues the 2017 e-fileing specifications for Schedule A to tax software companies (like TurboTax) the form cannot be finalized.   Everyone is waiting for the IRS.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
buckeyeut
New Member

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

Why has TaxAct online made the change already?
macuser_22
Level 15

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

You would have to ask TaxAct that question.   I believe TurboTax Online has been updated and the desktop will be soon.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
SweetieJean
Level 15

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

The IRS has to approve TT's version of Schedule A first.
SweetieJean
Level 15

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

Click on Review and there will be a list of forms and schedules with the dates they will be available.

See this TurboTax support FAQ for IRS forms availability - <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1908854-irs-forms-availability-table-for-turbotax-individual-perso...>...

The IRS will not be accepting any type of 2017 tax return until January 29, 2018.  The IRS will hold all 2017 tax returns that have a tax refund which includes EIC and/or the Additional Child Tax Credit util mid-February.  They will release the tax refunds in late February if there are no errors on the tax return.
macuser_22
Level 15

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

Right - even though TurboTax is going to update the calculations to use 7.5% AGI for everyone, the Schedule A will remain "Not for filing" pending the official IRS release and approval of the 2017 form.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
dmertz
Level 15

As of 12/28/17 it appears that the medical expense allowance for 2017 is still using 10% of AGI as the basis. Is this correct and when will this be changed to 7.5%?

Schedule A has now been updated in TurboTax version R12 and reflects the 7.5% of AGI floor.  However, Schedule A has still not yet been released for filing.
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