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
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
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