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Why is the medical expense amount that turbo tax listed less than what I reported when I answered the questions?
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Why is the medical expense amount that turbo tax listed less than what I reported when I answered the questions?
You're only allowed to deduct medical expenses if the total expenses for you, your spouse, and your dependents is above and beyond 7.5% of your AGI.
For example, single filer Linda's AGI is $35,000 and she incurred $4,000 in medical expenses. She can deduct $1,375 of her medical costs ($4,000 minus 7.5% of her AGI). As mentioned, she’ll need to itemize her deductions to see the effect on her refund.
- Can I deduct health insurance premiums taken from my paycheck?
- Can I deduct medical costs paid through my HSA or MSA?
- Can I deduct Medicare premiums?
- Am I allowed to deduct medical expenses I haven't paid for yet?
- Why doesn't my refund change after I enter my medical expenses?
- Where do I enter my medical expenses
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
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- Permalink
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Why is the medical expense amount that turbo tax listed less than what I reported when I answered the questions?
You're only allowed to deduct medical expenses if the total expenses for you, your spouse, and your dependents is above and beyond 7.5% of your AGI.
For example, single filer Linda's AGI is $35,000 and she incurred $4,000 in medical expenses. She can deduct $1,375 of her medical costs ($4,000 minus 7.5% of her AGI). As mentioned, she’ll need to itemize her deductions to see the effect on her refund.
- Can I deduct health insurance premiums taken from my paycheck?
- Can I deduct medical costs paid through my HSA or MSA?
- Can I deduct Medicare premiums?
- Am I allowed to deduct medical expenses I haven't paid for yet?
- Why doesn't my refund change after I enter my medical expenses?
- Where do I enter my medical expenses
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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