Will I be able to take 7.5% medical deductions for this year as well as next year? Presently, I have the medical bill on autopay, but I will be paying it off this year and next.
I'm not sure what you mean by "7.5% medical deductions." The amount that you can claim as an itemized deduction is your total unreimbursed medical expenses minus 7.5% of your Adjusted Gross Income (AGI). (In TurboTax enter the full amount that you paid out-of-pocket. TurboTax will subtract 7.5% of your AGI.)
In addition, medical expenses are an itemized deduction. They will not reduce your tax or increase your refund unless your total itemized deductions are more than your standard deduction.
As the tax laws currently stand, these same rules apply to both 2022 and 2023. It is not likely to change for 2023.
Found what you need?Start my taxes
Already have an account? Sign In(4.6/5 | 291,310 reviews)
Still have questions?
Or browse the Forums