My Children had braces put on in 2017 to the tune of 11k. At that time, I took a 401k loan over 5 years to pay for that. I left my job in 2018 and did not have the means to pay that portion back to avoid taking it as a distribution. Can I deduct any of the 11k from that loan which was used towards my childrens braces?
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The payment for the braces would have to be included on your 2017 return, unless you actually paid it in 2018. Whst counts is when you actually pay for the medical expense.
Medical, dental, and vision expenses are reported on Schedule A and entered in the Deductions & Credits section:
If you're using Federal Free Edition or Basic and your medical expenses are large enough that you would benefit from itemizing deductions, you'll be prompted to upgrade to Deluxe, as the Federal Free and Basic versions do not handle Schedule A.
The payment for the braces would have to be included on your 2017 return, unless you actually paid it in 2018. Whst counts is when you actually pay for the medical expense.
Medical, dental, and vision expenses are reported on Schedule A and entered in the Deductions & Credits section:
If you're using Federal Free Edition or Basic and your medical expenses are large enough that you would benefit from itemizing deductions, you'll be prompted to upgrade to Deluxe, as the Federal Free and Basic versions do not handle Schedule A.
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