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October 15, 2024
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medical deduction

  • October 15, 2024
  • 1 reply
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 I forgot to add an item to the medical deduction. TT won't allow me to correct the number. It tells me "Thanks we have your medical information" WHAT???

    Best answer by DoninGA

    @frustratedbeyondbelief wrote:

     I forgot to add an item to the medical deduction. TT won't allow me to correct the number. It tells me "Thanks we have your medical information" WHAT???


    Health care insurance premiums, including dental and vision insurance premiums, and other medical expenses that you paid with out of pocket funds and were not reimbursed are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.


    Standard deductions for 2023

    Single - $13,850 add $1,850 if age 65 or older
    Married Filing Separately - $13,850 add $1,500 if age 65 or older
    Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
    Head of Household - $20,800 add $1,850 if age 65 or older


    To enter your medical expenses -

    Click on Federal Taxes (Personal using Home and Business)
    Click on Deductions and Credits
    Click on I'll choose what I work on (if shown)
    Scroll down to Medical
    On Medical Expenses, click the start or update button


    Or enter medical expenses in the Search box located in the upper right of the program screen. Click on Jump to medical expenses

    1 reply

    DoninGA
    DoninGAAnswer
    Employee
    October 15, 2024

    @frustratedbeyondbelief wrote:

     I forgot to add an item to the medical deduction. TT won't allow me to correct the number. It tells me "Thanks we have your medical information" WHAT???


    Health care insurance premiums, including dental and vision insurance premiums, and other medical expenses that you paid with out of pocket funds and were not reimbursed are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.


    Standard deductions for 2023

    Single - $13,850 add $1,850 if age 65 or older
    Married Filing Separately - $13,850 add $1,500 if age 65 or older
    Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
    Head of Household - $20,800 add $1,850 if age 65 or older


    To enter your medical expenses -

    Click on Federal Taxes (Personal using Home and Business)
    Click on Deductions and Credits
    Click on I'll choose what I work on (if shown)
    Scroll down to Medical
    On Medical Expenses, click the start or update button


    Or enter medical expenses in the Search box located in the upper right of the program screen. Click on Jump to medical expenses