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.
If you receive Social Security benefits, your Medicare is deducted from your SS. When you enter the SSA1099 for your Social Security, the amount paid for Medicare flows automatically to the medical expense section of the software, so do not enter it again.
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 2024—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
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
According to the IRS, "Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body". Any expense that falls in this category can be claimed under medical expenses. The expenses can be any unreimbursed medical expenses such as preventative care, surgeries, dental procedures, prescriptions, and medical visits.
To receive the deduction for medical expenses, the total medical expenses will need to exceed 7.5% of your adjusted gross income. In order to claim, you will need to itemize on a Schedule A instead of claiming the standard deduction.
For more information, see the following links below:
I cannot figure out how to enter medical expenses in turbo tax for 2024. I have to repay a significant amount of the premium tax credit, which is deductible, but also had out of pocket medical expenses which the program is not allowing me to enter. Help???
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 2024—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
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)