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July 22, 2019
Question

Health care

  • July 22, 2019
  • 1 reply
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What percent of my paid health care will i receive back in my pocket

    1 reply

    Employee
    July 23, 2019

    You will not necessarily receive back any of your paid healthcare expenses. Why do you think you get back a percent of them?   Do you have enough itemized deductions to exceed your standard deduction?  The medical expense deduction is one of the hardest to get, and even if you have enough, you still have to have enough other itemized deductions to exceed your standard deduction before you will see any effect on your tax due or refund.

    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 2018—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

     

    2018 Standard Deductions:

    Single   $12,000  (+ $1600 65 or older)

    Married Filing Separately    $12,000  (+ $1300 65 or older)

    Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

    Head of Household  $18,000  (+ $1600 65 or older)

     

    https://turbotax.intuit.com/tax-tips/health-care/medical-expenses-checklist/L6MkxxlyW

     

    https://ttlc.intuit.com/questions/2895072-can-i-deduct-medical-costs-paid-through-my-hsa-or-msa

     

    https://ttlc.intuit.com/questions/2895188-where-do-i-enter-my-medical-expenses

     

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**