You'll need to sign in or create an account to connect with an expert.
And out of pocket amounts that you paid can be entered as medical expenses. Yes, you can enter expenses for therapy.
When you enter medical expenses in TurboTax, it asks you a whole lot of questions to help you include everything that can be entered. Really what matters in the end is the total of all of it; that is what will go on your tax form, so don't get too frazzled trying to make sure everything is in the "right" category as long as you enter it all, and do not enter anything twice.
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 2023—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
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
Yes, those are all potentially deductible medical expenses.
To benefit from medical expense deductions, your total itemized deductions — deductible medical expenses, state and local taxes, home mortgage interest and charitable contributions — must be greater than your available standard deduction.
In addition, you can only deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI), found on line 11 of your 2023 Form 1040.
For example, if your AGI is $50,000, the first $3,750 of qualified expenses (7.5% of $50,000) don't count. If you had $5,000 of unreimbursed medical expenses in 2023, you would only be able to deduct $1,250 on Schedule A.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tnmj-tumblin-fam31082114
New Member
Robtri2
Level 2
theloafofthetoast
New Member
NancyWolfe
Level 1
Toddpar
New Member