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I have several medical bills from children this year around 2500.00 should I claim on my tax return. Would it help any

 
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Accepted Solutions
DJS
Alumni
Alumni

I have several medical bills from children this year around 2500.00 should I claim on my tax return. Would it help any

First, the information indicates that you're using the Turbo Tax free edition, and that edition doesn't include the Schedule A that is needed to claim itemized deduction, such as medical expenses. 

Second, in order to claim medical expenses you must itemize deductions and, to be of any help, these must in total be greater than your standard deduction. The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.

Third, itemizing medical expenses will only be a benefit to the extent that these expenses exceed 10% of your adjusted gross income (AGI). Your AGI is your taxable income minus any adjustments to income such as deductions, contributions to a traditional IRA and student loan interest. The itemized medical expenses will not result in lowering your tax bill if they do not exceed 10% of your AGI.

Answers are correct to the best of my ability but do not constitute legal or tax advice.
**If this post is helpful please click on "thumbs up"**

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3 Replies

I have several medical bills from children this year around 2500.00 should I claim on my tax return. Would it help any

Have you paid them?

I have several medical bills from children this year around 2500.00 should I claim on my tax return. Would it help any

Yes that is out of pocket
DJS
Alumni
Alumni

I have several medical bills from children this year around 2500.00 should I claim on my tax return. Would it help any

First, the information indicates that you're using the Turbo Tax free edition, and that edition doesn't include the Schedule A that is needed to claim itemized deduction, such as medical expenses. 

Second, in order to claim medical expenses you must itemize deductions and, to be of any help, these must in total be greater than your standard deduction. The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.

Third, itemizing medical expenses will only be a benefit to the extent that these expenses exceed 10% of your adjusted gross income (AGI). Your AGI is your taxable income minus any adjustments to income such as deductions, contributions to a traditional IRA and student loan interest. The itemized medical expenses will not result in lowering your tax bill if they do not exceed 10% of your AGI.

Answers are correct to the best of my ability but do not constitute legal or tax advice.
**If this post is helpful please click on "thumbs up"**
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