So I accumulated at least $3K, but less than 4K for health payments. Could I get some money back?

[DawnC]

Can you provide more details?  3k of what?

[skk1121]

Sorry, just Dental. 

[DeanM15 · Accepted solution]

It depends. You have two hoops to jump through before reducing your taxable income through itemized deductions. 

The first hoop is that 7.5 percent of your Adjusted Gross Income goes against (and reduces) your medical expenses on the Schedule A, Itemized Deductions. So if you have $3000 in medical expenses and $40,000 or more in AGI, you wind up with no deductible medical expenses. $40,000 x .075 = $3,000.

The second hoop is that you have an expanded Standard Deduction for 2019. Single filers get $12,200, Married Filing Jointly filers get $24,400, and Head of Household filers get $18,350. Your itemized deductions (medical, State and Local Taxes, Interest you paid, charitable deductions, etc) must exceed the amount for whatever filing status you are.

You can enter all your expenses in TurboTax and the program will select either Itemized or Standard Deductions depending on which is better for you.

You can find out more info here.