Medical Expenses

[calderon1991]

If I expect to have medical expenses above $5k in 2019, would a Flexible Spending account make a difference? 

[xmasbaby0]

Money you put in an FSA is pre-tax money so it would save you some tax to do that.  We cannot predict whether your $5000 in medical expenses would be an itemized deduction for you if you do not have an FSA, since you have not provided any other information.

In general it is tough to get the medical expense deduction since you have to meet a tough threshhold, and even if you meet that threshhold, you might not have enough other itemized deductions to exceed your standard deduction.

https://ttlc.intuit.com/community/health-care/help/what-is-a-flexible-spending-arrangement-fsa/00/26...

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 2018—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

2018 Standard Deductions:

Single   $12,000  (+ $1600 65 or older)

Married Filing Separately    $12,000  (+ $1300 65 or older)

Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

Head of Household  $18,000  (+ $1600 65 or older)

https://turbotax.intuit.com/tax-tips/health-care/medical-expenses-checklist/L6MkxxlyW

https://ttlc.intuit.com/questions/2895072-can-i-deduct-medical-costs-paid-through-my-hsa-or-msa

https://ttlc.intuit.com/questions/2895188-where-do-i-enter-my-medical-expenses

https://ttlc.intuit.com/questions/2895189-what-kinds-of-medical-expenses-are-deductible

[Anonymous]

one proviso - Self-employed persons aren’t eligible for FSAs. 

You contribute to your FSA by electing an amount to be voluntarily withheld from your pay by your employer. This is sometimes called a salary reduction agreement. The employer also may contribute to your FSA if specified in the plan.

You don’t pay federal income tax or employment taxes on the salary you contribute or the amounts your employer contributes to the FSA. However, contributions made by your employer to provide coverage for long-term care insurance must be included in income.

If an employer doesn't offer a flexible spending account, you can not set one up on your own