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January 21, 2020
Question

How do I list the medication co-pays I paid for the year 2019? Also, can I list the interest I paid on my vehicle loans as well?

  • January 21, 2020
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1 reply

January 21, 2020

1. You can claim your medication co-pays as Medical Expenses.

 

You can claim all medical and dental bills, prescription drugs and health insurance premiums paid out-of-pocket as Medical Expenses in Schedule A - Itemized Deductions

 

For tax year 2019, Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

 

Please note that Itemized Deductions will only "help" when they exceed your standard deduction.

For 2019, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

  • $12,200 for Single
  • $24,400 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
  • $18,350 for Head of Household
  • $12,200 for Married Filing Separately
  • If you are over 65 or blind, add $1,300 for each instance if married or add $1,650 each instance if single or head of household

In TurboTax, you can enter Medical expenses by following these steps:

  • In TurboTax, open your tax return
  • Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
  • Scroll down to All Tax breaks, locate the section Medical and click on Show more
  • Click Start next to Medical Expenses.

 

2.  Interest paid on a vehicle for your personal use is not deductible and is not entered on your tax return.

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