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debra-horsley
New Member

Can I deduct the amount I paid for implants and dentures? Paid $1100 in cash and financed 30,000 which I repay $550 a month. What can I deduct?

Ill be paying the loan back for years

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

Can I deduct the amount I paid for implants and dentures? Paid $1100 in cash and financed 30,000 which I repay $550 a month. What can I deduct?

Yes, you can claim your implants and dentures along with all other medical expenses and health insurance premiums paid out-of-pocket as Medical Expenses on Schedule A - Itemized deductions. You can claim both your payment in cash and the part financed with a loan if the loan has been disbursed.

Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only "help" when they exceed your standard deduction.

For 2017, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

  • $6,350 for Single
  • $12,700 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
  • $9,350 for Head of Household
  • $6,350 for Married Filing Separately
  • If you are over 65 or blind, add $1,250 for each instance or add $1,550 each instance if single and not a surviving spouse

In TurboTax, you can enter Medical expenses by following these steps:

  • In TurboTax, open your tax return
  • Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
  • Scroll down to All Tax breaks, locate the section Medical and click on Show more
  • Click Start next to Medical Expenses.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MinhT
Expert Alumni

Can I deduct the amount I paid for implants and dentures? Paid $1100 in cash and financed 30,000 which I repay $550 a month. What can I deduct?

Yes, you can claim your implants and dentures along with all other medical expenses and health insurance premiums paid out-of-pocket as Medical Expenses on Schedule A - Itemized deductions. You can claim both your payment in cash and the part financed with a loan if the loan has been disbursed.

Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only "help" when they exceed your standard deduction.

For 2017, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

  • $6,350 for Single
  • $12,700 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
  • $9,350 for Head of Household
  • $6,350 for Married Filing Separately
  • If you are over 65 or blind, add $1,250 for each instance or add $1,550 each instance if single and not a surviving spouse

In TurboTax, you can enter Medical expenses by following these steps:

  • In TurboTax, open your tax return
  • Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
  • Scroll down to All Tax breaks, locate the section Medical and click on Show more
  • Click Start next to Medical Expenses.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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