Do I need to keep the receipts for parking for medical-related appointments?
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If you are going to take a medical expense deduction on schedule A, keep the receipts just in case you are audited and the agent wants verification.
If you are itemizing medical expenses, you can enter the costs of parking etc. when you go to hospitals, labs, clinics, etc. It is a good idea to save such receipts in case of an audit someday. You do not attach them to your tax return.
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)
If you are going to take a medical expense deduction on schedule A, keep the receipts just in case you are audited and the agent wants verification.
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