Can you Please help me? I'm needing help on how do I add the cost to my Prescription cost that I pay on a monthly or every two months.

[xmasbaby0]

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. 

If you receive Social Security benefits, your Medicare is deducted from your SS.   When you enter the SSA1099 for your Social Security, the amount paid for Medicare flows automatically to the medical expense section of the software, so do not enter it again.

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 2024—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

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

[JohnB5677]

To post Medical Expenses you can follow these steps:

• There have been many changes to the Itemized deduction limitations.  
• Medical expenses: You can only deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI.

Log into TurboTax

1. Under Federal
2. Select Deductions & Credits
3. Scroll down the list to Medical.
4. Click the down arrow
5. Choose Medical Expenses
6. TurboTax will tell you the amount of medical expenses you need to be eligible for a deduction.
7. It my look like you should be getting Itemized deductions based on the raw numbers,  but after crunching the numbers it may not be the best choice for you.

Here are some of the limitations to Itemized deductions

• Medical expenses Limit: You can only deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI.
• Acceptable Medical and dental expense.