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Yes. If you paid for prescriptions with out of pocket funds which were not reimbursed then that would be an eligible medical expense.
Yes you can enter the out of pocket amount you paid for prescriptions as a medical expense.
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 2019—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
What line do you enter your prescriptions cost on?
When you enter medical expenses in TurboTax, it asks you a whole lot of questions to help you include everything that can be entered. Really what matters in the end is the total of all of it; that is what will go on your tax form, so don't get too frazzled trying to make sure everything is in the "right" category as long as you enter it all, and do not enter anything twice.
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 2021—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
2021 STANDARD DEDUCTION AMOUNTS
SINGLE $12,550 (65 or older + $1700)
MARRIED FILING SEPARATELY $12,550 (65 or older + $1350)
MARRIED FILING JOINTLY $25,100 (65 or older + $1350 per spouse)
HEAD OF HOUSEHOLD $18,800 (65 or older +$1700)
Legally Blind + $1350
Got it. One other thing; I've seen 2 different amounts for standard deduction married filing jointly. What you listed, and in TT it says $26,450.
Thanks!
Are you 65 or older and filing a joint return with someone who is still under 65?
Your standard deduction lowers your taxable income. It is not a refund. You will see your standard or itemized deduction amount on line 12a of your 2021 Form 1040.
2021 STANDARD DEDUCTION AMOUNTS
SINGLE $12,550 (65 or older + $1700)
MARRIED FILING SEPARATELY $12,550 (65 or older + $1350)
MARRIED FILING JOINTLY $25,100 (65 or older + $1350 per spouse)
HEAD OF HOUSEHOLD $18,800 (65 or older +$1700)
Legally Blind + $1350
Now I'm even more confused. I'm asking about the discrepancy between 2 numbers posted for married filing jointly, the standard deduction. You said the same thing I've seen online, and TT shows a higher number. Is TT right or wrong? FYI I'm 66, my spouse is UNDER 65. The '+' thing I'm unfamiliar with.
Thanks!
@photobug56 wrote:
Now I'm even more confused. I'm asking about the discrepancy between 2 numbers posted for married filing jointly, the standard deduction. You said the same thing I've seen online, and TT shows a higher number. Is TT right or wrong? FYI I'm 66, my spouse is UNDER 65. The '+' thing I'm unfamiliar with.
Thanks!
Your Standard Deduction based on your ages is $26.450. This is the amount that should be on your Form 1040 Line 12a if your itemized deduction are not greater than the Standard Deduction.
It is. Now this is mainly curiosity, but why the two numbers? What is that '+' amount about?
Thanks!
@photobug56 That just means the $1,350 is added to the standard deduction for each spouse age 65 or older.
Sounds like Congress found a way to add extra confusion. We're already talking married, filing jointly, hence there is a spouse. Either way, the bottom line is what's important.
Thanks!
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