topic medical deductions in Deductions & credits

medical deductions

buck12wf — Thu, 24 Dec 2020 20:13:05 GMT

i just paid for the hospital for what medicare doesnt cover and i completed my federal return, can i still add that in

Re: medical deductions

DoninGA — Thu, 24 Dec 2020 20:14:56 GMT

Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2020

Single - $12,400 add $1,650 if age 65 or older
Married Filing Separately - $12,400 add $1,300 if age 65 or older
Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
Head of Household - $18,650 add $1,650 if age 65 or older

To enter your medical expenses -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Medical
On Medical Expenses, click the start or update button

Or enter medical expenses, sch a in the Search box located in the upper right of the program screen. Click on Jump to medical expenses, sch a

Re: medical deductions

Critter-3 — Thu, 24 Dec 2020 20:15:27 GMT

Of course ... the 2020 return can be changed every minute until you file it and that will not happen until at least mid January.

Re: medical deductions

VolvoGirl — Thu, 24 Dec 2020 20:37:04 GMT

How did you already complete your return already? It is too early to finish 2020 return. You won't get your W2, SSA-1099 or any 1099 until the end of January. The IRS won't start taking returns until Jan 27. And the Turbo Tax program isn't fully updated yet. There are several forms to be finalized.

Re: medical deductions

buck12wf — Sun, 27 Dec 2020 12:06:10 GMT

its easy, i have the exact amount of income from 1099r every year and i keep all my records for everything ss tells you with that form they mail you each dec what you will be getting just multiply 12

Re: medical deductions

xmasbaby0 — Sun, 27 Dec 2020 14:51:24 GMT

@buck12wf When you receive your 1099R, go back to the income screen and make sure that the information on the 1099R is exactly the same as the estimated amount you entered--and edit if necessary.