in [Event] Ask the Experts: Biz Recordkeeping & 1099-NEC Filing
You'll need to sign in or create an account to connect with an expert.
You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI. And then all your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction). And since the Standard Deduction is increased more people will not need to Itemize.
For 2020 the standard deduction amounts are:
Single 12,400 + 1,650 for 65 and over or blind (14,050)
HOH 18,650 + 1,650 for 65 and over or blind
Joint 24,800 + 1,300 for each 65 and over or blind
Married filing Separate 12,400 + 1,300 for 65 and over or blind
Enter Medical under
Federal on left
Deductions and Credits
Then scroll way down to Medical
Then Medical Expenses - click Start or Update
See IRS Pub 502 for Medical Expenses
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17629581143
Level 1
in [Event] Ask the Experts: Biz Recordkeeping & 1099-NEC Filing
liz50
Level 1
in [Event] Ask the Experts: Biz Recordkeeping & 1099-NEC Filing
adm
Level 2
arjun25
New Member
Iowaboy
Returning Member