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elsherif1350
New Member

Should I put the full amount of medical expenses withdrawn from 401k? Page asking to list "Medical Expenses (in excess of 75% agi)" But I don't know ago until I finish TT

I entered 1098-R info for hardship withdrawal. TT is asking to list the amounts of the withdrawal for medical expenses, death etc to figure the tax on it. But do I put the full amount or am I suppose to figure out how much of that amount is 7.5% above my AGI? PS this is not covid related at all.
4 Replies
macuser_22
Level 15

Should I put the full amount of medical expenses withdrawn from 401k? Page asking to list "Medical Expenses (in excess of 75% agi)" But I don't know ago until I finish TT

First you must enter ALL of your 2020 income to get your 2020 AGI.  Then calculate 7.5% of the AGI.  Take that number and subtract it from your total medical expense - the result is the amount to enter.

**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.**
elsherif1350
New Member

Should I put the full amount of medical expenses withdrawn from 401k? Page asking to list "Medical Expenses (in excess of 75% agi)" But I don't know ago until I finish TT

But doesn't AGI change according to everything, including all credits and deductions? So wouldn't I have to go through the entire 1040 and get to the end to find my AGI? Do I leave this blank and then go back?

macuser_22
Level 15

Should I put the full amount of medical expenses withdrawn from 401k? Page asking to list "Medical Expenses (in excess of 75% agi)" But I don't know ago until I finish TT


@elsherif1350 wrote:

But doesn't AGI change according to everything, including all credits and deductions? So wouldn't I have to go through the entire 1040 and get to the end to find my AGI? Do I leave this blank and then go back?


Yes it does which is why I said to enter everything else first.  Do that last or you might have to do it again.

**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

Should I put the full amount of medical expenses withdrawn from 401k? Page asking to list "Medical Expenses (in excess of 75% agi)" But I don't know ago until I finish TT

Itemized deductions do not change your AGI.

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