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kklingeisen
New Member

Does anyone know if I can write off $12,000 in medical expenses or do I need to meet a certain amount of deductions to make it worth it? I do not itemize currently.

 
7 Replies
Critter
Level 15

Does anyone know if I can write off $12,000 in medical expenses or do I need to meet a certain amount of deductions to make it worth it? I do not itemize currently.

What is Schedule A?

The IRS lets you take either the standard deduction or the itemized deduction. If you itemize, we'll automatically fill out Schedule A, Itemized Deductions and switch you over to the 1040 long form.

Schedule A lets you report certain deductible expenses like:

·         Medical and dental costs above and beyond 7.5% of your AGI

·         State, local, real estate, and personal property taxes

·         Home mortgage interest

·         Charitable donations and gifts

Casualty losses (losses caused by a sudden, unexpected, or unusual event) to personal property are only deductible if covered by specific federal disaster declarations.

After you finish going through the Deductions & Credits section, we'll recommend whichever deduction – standard or itemized – gives you the biggest tax break. But you can always override our recommendation if you wish.

Schedule A is supported in the paid versions of TurboTax.

Related Information:

·         How does the itemized deduction differ from the standard deduction?

·         Can I still itemize my deductions?

·         How can I tell which deduction (standard or itemized) I'm using?

·         Did I itemize last year?

https://ttlc.intuit.com/replies/4208574

rjs
Level 15
Level 15

Does anyone know if I can write off $12,000 in medical expenses or do I need to meet a certain amount of deductions to make it worth it? I do not itemize currently.

For 2018 through 2025, the total deduction for state and local taxes is limited to a maximum of $10,000 per year ($5,000 if you are married filing separately). The maximum applies to the total of real estate tax, personal property tax, and either state and local income tax or state and local sales tax.
kklingeisen
New Member

Does anyone know if I can write off $12,000 in medical expenses or do I need to meet a certain amount of deductions to make it worth it? I do not itemize currently.

So I read " 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."  The standard deduction for an individual is now $12,000 I believe. If I can only write of $10,000 of my medical expenses then they've got me.  I can't write off my medical bills.  Correct?  Unless I can come up with $2,000 of other type of deductions like business expenses or donations?  Then is it even worth it?
xmasbaby0
Level 15

Does anyone know if I can write off $12,000 in medical expenses or do I need to meet a certain amount of deductions to make it worth it? I do not itemize currently.

Many people will not be able to itemize for 2018 tax returns now that the standard deduction has increased.  And see below--in order to use medical expenses you can only use the amount that is OVER 7.5% of your AGI.  So--if you do not have other itemized deductions like mortgage interest, property tax, etc, then , yes, they've "got" you.
**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.**
rjs
Level 15
Level 15

Does anyone know if I can write off $12,000 in medical expenses or do I need to meet a certain amount of deductions to make it worth it? I do not itemize currently.

I think you got confused. The $10,000 limit applies to state and local taxes, not to medical expenses. What "gets" you on medical expenses is that 7.5% of your AGI will be subtracted from the total that you paid for unreimbursed medical expenses. Only what remains is actually deductible. We don't know what your AGI is, but your $12,000 of medical expenses will be reduced by some significant amount. And no, you can't deduct medical "bills." You can only deduct the amount you actually paid, that was not covered or reimbursed by insurance, minus the 7.5% of AGI.
macuser_22
Level 15

Does anyone know if I can write off $12,000 in medical expenses or do I need to meet a certain amount of deductions to make it worth it? I do not itemize currently.

@kklingeisen - You misunderstood.    You can deduct medical expenses that exceed 7.5% of your AGI.  For example if your AGI is $17,000 the  7.5% is $5,250 so if you have $12,000 of medical expenses only $6,750 would be a deduction.   That plus all other deductions must exceed the standard deduction for there to be any benefit.

Since the 2018 standard deduction has increased, very few taxpayers will have any advantage in itemizing.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
xmasbaby0
Level 15

Does anyone know if I can write off $12,000 in medical expenses or do I need to meet a certain amount of deductions to make it worth it? I do not itemize currently.


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 2018—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


2018 Standard Deductions:

Single   $12,000  (+ $1600 65 or older)

Married Filing Separately    $12,000  (+ $1300 65 or older)

Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

Head of Household  $18,000  (+ $1600 65 or older)


**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.**
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