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gdpayal
New Member

Is the monies paid towards your medical deductible tax deductible? I had a 1250.00 deductible with a 5000.00 max. I met both amounts. Is it tax dedutible?

 
2 Replies
xmasbaby0
Level 15

Is the monies paid towards your medical deductible tax deductible? I had a 1250.00 deductible with a 5000.00 max. I met both amounts. Is it tax dedutible?

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 2019—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

 

2019 Standard Deduction Amounts

 

Single $12,200   (+ $1650 65 or older)

Married Filing Separate  $12,200   (+ $1300 if 65 or older)

Married Filing Jointly $24,400   (+ $1300 for each spouse 65 or older)

Head of Household $18,350  (+ $1650 for 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.**
gdpayal
New Member

Is the monies paid towards your medical deductible tax deductible? I had a 1250.00 deductible with a 5000.00 max. I met both amounts. Is it tax dedutible?

Thank you.....No more responses is needed.

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