TurboTax asked if I had medical expenses over a certain amount, which was exactly 7.5% of my AGI. It is my understanding that everyone, regardless of age, has a 10% medical expense floor.
I am only worrying about this as I am on the bubble for taking an itemized deduction.
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The medical expense itemized deduction was changed from 10% of AGI to 7.5% of AGI for tax year 2019 by legislation in Congress that was passed and signed into law in December 2019.
The medical expense itemized deduction was changed from 10% of AGI to 7.5% of AGI for tax year 2019 by legislation in Congress that was passed and signed into law in December 2019.
A late 2019 tax law changed the threshold for medical expenses from the amount over 10% of AGI to 7.5% of AGI for everyone so 7.5% is the correct threshold.
Thank you for the quick response. I didn't know that and was referencing this years Lasser's Tax Guide, which appears to be, as of this December, out of date.
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