Deduction for medical costs

[luzjaram]

If I spent about 10,000 dollars or more on out of pocket medical expenses how can I deduct that

[DoninGA]

Yes, you can.

Health care insurance premiums, including dental and vision insurance premiums, and other medical expenses that you paid with out of pocket funds and were not reimbursed are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2024

Single - $14,600 add $1,950 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older

To enter your medical expenses -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Medical
On Medical Expenses, click the start or update button

Or enter medical expenses in the Search box located in the upper right of the program screen. Click on Jump to medical expenses

[luzjaram]

how do I calculate my AGI. I don't see a line item on my W-2, do you have any guidance?

thanks, Luz

[SharonD007]

Your AGI isn't on your W-2 but calculated on your tax return. Your Adjusted Gross Income (AGI) is your total income minus eligible adjustments. Refer to the TurboTax help article How to Find Your Adjusted Gross Income (AGI) to E-file Your Tax Return and and How to Figure Out Adjusted Gross Income (AGI).

[KeshaH]

You can find your adjusted gross income (AGI) on your tax summary in TurboTax. If you're using TurboTax Online, log in to your account.

1. Click on Review/Edit or Pick up where you left off in any of the tax return sections to fully open your tax return.

2. On the left panel, click on Tax Tools (you may need to scroll - it's at the bottom) and then Tools.

3. On the white pop up screen, click on View my tax summary.

4. Your adjusted gross summary should be listed on this page.

[MonikaK1]

Your Adjusted Gross Income will appear on Line 11 of your completed 2024 Form 1040 tax return. If you are using TurboTax Desktop, go to Forms Mode by selecting Forms at the top menu to look at your return. If you are using TurboTax Online, you can preview your return. See here for details. 

If you haven't yet entered all of your income, the AGI of your return in process will not yet be correct for this purpose. 

As @DoninGA pointed out, your total itemized deductions will also need to exceed your standard deduction in addition to your medical expenses exceeding 7.5% of your AGI in order for you to benefit from deducting them.

See this article for more information regarding deductible medical expenses.

@luzjaram