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Is there a way to gather medical expenses documents? I have physical therapy bill with me. I’m sure I have something else somewhere. Or will that all be in 1095a?

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Is there a way to gather medical expenses documents? I have physical therapy bill with me. I’m sure I have something else somewhere. Or will that all be in 1095a?

None of your medical expenses will be in the 1095A.   The 1095A is only for the health insurance you had through the marketplace to show how much you paid and how much the government paid for your insurance premiums.   You are responsible for keeping track of your own medical expenses like physical therapy, prescriptions, etc.

**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.**
MindyB
Employee Tax Expert

Is there a way to gather medical expenses documents? I have physical therapy bill with me. I’m sure I have something else somewhere. Or will that all be in 1095a?

No, the 1095-A will show you premiums, not all of your medical expenses.  

 

If you are looking to deduct your medical expenses, as @xmasbaby0 mentions, you will need to keep those records.  If you do not have all of them, I would recommend reaching out to your providers to give you an account statement for the year.

Is there a way to gather medical expenses documents? I have physical therapy bill with me. I’m sure I have something else somewhere. Or will that all be in 1095a?

Check with doctor and dentist offices, eye doctors, etc. that you saw.  Check with the pharmacy where you get prescriptions filled, etc.   Only amounts that you paid out of pocket can be entered. You cannot enter expenses that were paid by insurance.

 

And....the medical expense deduction is very tough to get.   Most people do not have enough to use it even if you go to all the work to pull the records together.

 

 

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)

 

**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.**
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