When I click on "Learn More" for Medical Expenses,
On the "Medical and Dental Expenses Deduction" under "How do I figure out this deduction?" it states:
"Example: Your AGI is $50,000 and you have $6,000 in medical expenses. You can't deduct the first $5,000 (or $50,000 x 7.5%)"
However, $50,000 x 7.5% = $3,500 not $5,000.
That is all.
I just want to help Turbo Tax correct an error for others.
Have a nice day.
(It would be nice if I was informed that TT actually did make this correction.)
I've submitted a report to our Product Quality team to have this corrected. Thank you for taking the time to post your feedback. I'll be sure to post here again once this issue is fixed.
I'm a little late on this one but this has been updated. Thank you again for reporting the error!
The calculation is correctly done in TurboTax, but the instruction/explanation is still wrong, as of 3/9/21. This is really sloppy and confusing to your users. Please update this now, since it can be very confusing.
Example: Your AGI is $50,000 and you have $6,000 in medical expenses. You can't deduct the first $5,000, which is 10% of your AGI, but you can deduct anything over that.