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:
To enter your medical expenses in TurboTax, please follow these steps:
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]
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:
To enter your medical expenses in TurboTax, please follow these steps:
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]
Great! Thanks for the quick reply. I am filing via Turbo tax and after answering few questions the software suggested me to with standard deductions. Another follow-up question - can I add child care expenses as miscellaneous? We have a baby in December and I paid $1000 for nanny for two weeks to help new mom and child, but I never asked for her SSN or anything? Can I claim this amount as deductible ? If so how can I do that?
Congratulations on the new baby! In order to claim the child & dependent care credit, you need the Nanny's EIN or SSN.
If you can get that info, you can add the child care expenses
1. Click on Federal Taxes > Deductions & Credits [In TT Self-Employed: Personal > Deductions & Credits > I'll choose what I work on].
2. Scroll down to the You and Your Family section and click on the Start/Revisit box next to Child and Dependent Care Credit.