W2 form deductions

[zarema1988]

I`ve received my W2 form and it says: reported W2 wages is $ 30 000.

When I start filing taxes turbotax deducts only federal income taxes ($2500)

But what about :

Social Security tax withheld - $ 1800

Medicare Tax withheld - $500

State and Local income taxes -$2300 

What about health, vision and dental insurance that also had to pay. Can i deduct this somehow too?

Evidently my income is not $30 000. It`s about $20 000

[VolvoGirl · Accepted solution]

Sorry you don't get Social Security & Medicare back.  The other items can be deductions if you itemize.  

For Medical and insurance 

You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI.  And then all your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction).  And since the Standard Deduction is increased more people will not need to Itemize.

For 2023 the standard deduction amounts are:

Single 13,850 + 1,850 or 65 and over or blind

HOH 20,800 + 1,850 for 65 and over or blind

Joint 27,700+ 1,500 for each 65 and over or blind

Married filing Separate 13,850 + 1,500 for 65 and over or blind