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Level 1
January 19, 2022
Question

Deductions

  • January 19, 2022
  • 1 reply
  • 7 views

Can I deduct $ I paid this year on my 2019 Federal Taxes? Can I deduct $ I paid in 2021 for my 2022 Medicare Advantage Plan?

    1 reply

    Level 15
    January 19, 2022

    No you cannot deduct anything for paying federal tax.   And it would do you no good at all to try to claim $1 you paid for Medicare Advantage if you do not have enough other medical expenses to exceed 7.5% of your AGI AND enough itemized deductions to exceed your standard deduction.

     

    Was this a homework question?

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    VolvoGirl
    Level 15
    January 19, 2022

    @xmasbaby0  I think it is $ paid (unknown amount) then I (he) paid....

     

    @Dpetro1953   what exactly did you pay for 2019?  A federal tax due?

    Level 15
    January 19, 2022

    Oh---I read that as a "one" with a dollar sign!

     

    @Dpetro1953 Federal tax you paid is not deductible on your next federal tax return.

     

    There are six states that allow you to enter the federal tax you paid on your state return--Alabama, Iowa. Louisiana, Missouri, Montana, and Oregon.  If you are filing in one of these states watch for the deduction when you prepare your state return.

     

     

    As for the amount you paid for Medicare Advantage:

     

    MEDICAL EXPENSES

    The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2021—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

    To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

     

     

    2021 STANDARD DEDUCTION AMOUNTS

     

    SINGLE $12,550  (65 or older + $1700)

     

    MARRIED FILING SEPARATELY $12,550  (65 or older + $1350)

     

    MARRIED FILING JOINTLY $25,100  (65 or older + $1350 per spouse)

     

    HEAD OF HOUSEHOLD  $18,800  (65 or older +$1700)

     

    Legally Blind + $1350

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**