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If my AGI is $100,000 and my Medical Expenses are $9000+, why does the TurboTax Premier program say "the standard deduction saves you the most on taxes" and give no other option? I thought medical expenses over 7.5% of AGI is deductible (in my case anything over $7500). Thanks.
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That would mean that only $1,500+ of your medical expenses are entered as an itemized deduction.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2021
Single - $12,550 add $1,700 if age 65 or older
Married Filing Separately - $12,550 add $1,350 if age 65 or older
Married Filing Jointly - $25,100 add $1,350 for each spouse age 65 or older
Head of Household - $18,800 add $1,700 if age 65 or older
That would mean that only $1,500+ of your medical expenses are entered as an itemized deduction.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2021
Single - $12,550 add $1,700 if age 65 or older
Married Filing Separately - $12,550 add $1,350 if age 65 or older
Married Filing Jointly - $25,100 add $1,350 for each spouse age 65 or older
Head of Household - $18,800 add $1,700 if age 65 or older
Thank you. Your reply answers my question.
If I am certain my medical expenses will not be more than 7.50% of AGI, how can I skip filling in the accurate amounts for medical? Can I just skip it and go on or just make up numbers so I can continue without having to calculate actual expenses
@2whiteroses wrote:
If I am certain my medical expenses will not be more than 7.50% of AGI, how can I skip filling in the accurate amounts for medical? Can I just skip it and go on or just make up numbers so I can continue without having to calculate actual expenses
Just skip the medical expenses section.
It might still help you on your State return, though.
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