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Yes. You can enter dental expenses under medical expenses.
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 2020—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 Expense
Yes, the dental implant is a medical expense deductible as an itemized deduction on Schedule A. Only the expense that you paid with out of pocket funds is deductible. If you paid by credit card or a loan the entire amount paid by the CC or the loan is deductible in the year of the expense.
I took a loan out and full mouth dental implants. Paid 01December2023. Can I itemize and deduct for 2023 tax year
thanks
Yes. The amount paid which does include any amount paid with your loan (you are responsible for the repayment and you used it for dental expense) can be used and deducted as a medical expense in 2023, the date of the payment.
Medical expenses are limited to the total amount that exceeds 7.5% of your adjusted gross income, then added to other itemized deductions, The total itemized deductions will benefit you if they are greater than your standard deduction. Other deductions include mortgage interest, real estate tax, local tax, personal property tax, and contributions which are the most common.
2023 Standard Deductions The 2023 standard deduction increases to:
• $13,850 for single taxpayers and married taxpayers who file separate returns.
• $27,700 for Married couples filing jointly
• $20,800 for Heads of household
@JJC
[Edited: 02/12/2024 | 5:29 AM PST]
Thank you and great news that I will be able to deduct the cost of entire mouth dental implant cost for 2023 tax year.
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