Before I figure out my medical expenses, is there a minimum % of my income that I need to have spent to make it worth the effort to collect the info?

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Before I figure out my medical expenses, is there a minimum % of my income that I need to have spent to make it worth the effort to collect the info?

Only the amount of medical expenses in excess of 7.5% of your Adjusted Gross Income can actually be included as an itemized deduction.

However, unless all of your itemized deductions, including medical expenses, add up to more than your standard deduction, you don't need to enter those expenses on your tax return.

Please see the TurboTax Help article “What's my standard deduction?” to see what your standard deduction is this year.

Bear in mind, also, that some states allow you to itemize on your state tax return, even if you use the standard deduction on your federal return.

[Edited 03|18|2020 11:50 am]

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Before I figure out my medical expenses, is there a minimum % of my income that I need to have spent to make it worth the effort to collect the info?

Only the amount of medical expenses in excess of 7.5% of your Adjusted Gross Income can actually be included as an itemized deduction.

However, unless all of your itemized deductions, including medical expenses, add up to more than your standard deduction, you don't need to enter those expenses on your tax return.

Please see the TurboTax Help article “What's my standard deduction?” to see what your standard deduction is this year.

Bear in mind, also, that some states allow you to itemize on your state tax return, even if you use the standard deduction on your federal return.

[Edited 03|18|2020 11:50 am]

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