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How can i add mortgage, medical, 401k information before signing

 
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2 Replies
PaulaM
Expert Alumni

How can i add mortgage, medical, 401k information before signing

401k contributions are generally taken care of when you enter your W-2. They are noted in Box 12 on the form. Mortgage interest and medical expense are itemized deductions entered on schedule A in the Deductions and Credits section. 

The total of your itemized deductions would need to be greater than your standard deduction for your filing status to receive any benefit.

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How can i add mortgage, medical, 401k information before signing

Contributions to an employer provided 401(k) retirement account are on your W-2 in box 12 with a code of D.  Those contributions are not entered anywhere else on a tax return.

 

Mortgage interest and medical expenses are itemized deductions entered on Schedule A.  The total of all your itemized deductions on Schedule A must be greater than the Standard Deduction for your filing status to have any tax benefit.

Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

 

To enter Mortgage Interest -

Click on Federal on the left side of the online program screen

Click on Deductions & Credits

Under Your Home

On Mortgage Interest and Refinancing (Form 1098), click the start button

 

Health care insurance premiums, including dental and vision insurance premiums, and other medical expenses that you paid with out of pocket funds and were not reimbursed are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. 


To enter your medical expenses -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Medical
On Medical Expenses, click the start or update button

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