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I wanted to know if the medical and prescriptions totaling 2417.75 I paid out of own pocket money would make any difference in my refund

 
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Anita01
New Member

I wanted to know if the medical and prescriptions totaling 2417.75 I paid out of own pocket money would make any difference in my refund

It's pretty hard to get a deduction for medical expenses because, if you are under 65, the only deduction is for the portion of your medical expenses that exceeds 10% of your Adjusted Gross Income.  Basically, if your AGI was $24,000, you'd get a $17 deduction and you'd only save the tax you  would have paid on that $17, so maybe $3-$4.  If you are 65 or older, you get a deduction for the portion that exceeds 7.5% of oyur aGI.

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1 Reply
Anita01
New Member

I wanted to know if the medical and prescriptions totaling 2417.75 I paid out of own pocket money would make any difference in my refund

It's pretty hard to get a deduction for medical expenses because, if you are under 65, the only deduction is for the portion of your medical expenses that exceeds 10% of your Adjusted Gross Income.  Basically, if your AGI was $24,000, you'd get a $17 deduction and you'd only save the tax you  would have paid on that $17, so maybe $3-$4.  If you are 65 or older, you get a deduction for the portion that exceeds 7.5% of oyur aGI.

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