Medical expenses must meet a very tough threshold ---- you only get to use the amount that is over 7.5 % of your Adjusted Gross Income. And.....your itemized deductions must exceed your standard deduction or they do not have any effect.
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.
Your standard deduction lowers your taxable income. It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2022 Form 1040.
2022 STANDARD DEDUCTION AMOUNTS
SINGLE $12,950 (65 or older + $1750)
MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)
MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)
HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)
Legally Blind + $1750
You posted your question from a version of online Live software. If you are really using that “Live” software you can get help from your “expert.”
You are posting from TurboTax Live. You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 9 p.m. Pacific time.
https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
