Question

Itemized deductions not totaling correctly

Forum|Forum|2 years ago
April 6, 2024
2 replies
0 views

I entered all of my itemized deductions (Property Tax $6135, Donations $2454, Medical Expenses $28,235), but the total only includes $16,738 of the Medical expenses and therefore it is picking the Standard Deduction of $30,700 even though my itemized deductions total to $36,824.

Any suggestions?

DoninGA

Employee

Only the amount of medical expenses greater than 7.5% of your AGI will be used for the itemized medical expense deduction. This is what probably reduced your total itemized deductions below the Standard Deduction for your filing status.

W

WeiseAuthor

Okay, I see that calculation on 2022's return came to $15,785 compared to to $16,738 this year but still very confused how we owe $7000 more in taxes for 2023, on similar retirement withdrawals and taxes paid. note: Turbotax chose Itemized Deductions for 2022

W

WeiseAuthor

I see the standard deduction from 2022 to 2023 went up $1800 and we also gained $1500/person for turning 65, so that increased our standard deduction from $25,900 to $30,700, which is now more than our usual itemized deductions of $28,676, which is why TurboTax previously always used our itemizations but is using the Standard deduction for 2023. We have ALWAYS itemized in the past.

X

xmasbaby0

Employee

Did you read the rules for medical expenses carefully?

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 2023—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.

**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.**