Self employed medical expenses

[planphore]

Preparing taxes for my daughter,  She is a self employed singer/dancer and has had to pay for physical therapy to help with injuries suffered during auditions.  I am trying to figure out 1)  is this an allowable expense, and 2) where to enter the expense.  I do not see any obvious way to to this other than under Business Income and Expenses - Other Miscellaneous Expenses.

Appreciate any guidance and directions on which TTAX menus/forms to exercise

[Vanessa A]

Physical therapy would be an itemized medical expense on Schedule A.  It is not a business expense deduction. 

If you are itemizing her return you would list this under deductions and credits>>medical expenses. 

Itemized expenses include mortgage interest, gambling losses up to winnings,  charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.  Your medical expenses are only deductible for the amount that is over 7.5% of your AGI.  This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.  

Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses. 

The 2024 Standard Deductions are as follows:

• Married Filing Joint (MFJ)              $29,200
• Married Filing Separate (MFS)      $14,600
• Head of Household (HOH)             $21,900 
• Single                                                 $14,600                                

Blind or over 65 and MFJ or MFS add $1,550

Single or HOH if blind or over 65 add $1,950

Standard versus Itemized Deduction

[DoninGA]

Medical expenses are entered on a Schedule A as an itemized deduction.  Only the healthcare premiums she pays are entered for self-employment.

To enter 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