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September 28, 2022
Question

Multiple tax questions

  • September 28, 2022
  • 1 reply
  • 0 views
  • How will the new legislation affect my taxes?
  • Will the new laws change my refund?
  • Are medical expenses deductible? 

    1 reply

    Employee
    September 28, 2022

    No one can see your information.  We know nothing about you.   We cannot give you any specific information about how you personally will be affected by the new laws.  Try using the TaxCaster tool.

     

    https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

     

    https://www.kiplinger.com/taxes/tax-law/603037/tax-changes-and-key-amounts

     

    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 2022—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

     

     

     

     

     

    2022 STANDARD DEDUCTION AMOUNTS

     

    SINGLE $12,950  (65 or older + $1750)

     

    MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

     

    MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

     

    HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

     

    Legally Blind + $1750

     

     

     

    **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.**
    TMiyaAuthor
    September 28, 2022

    Regarding medical expenses, my inquiry specifically revolve around getting a new bed to address joint pain issues. I'm currently looking into a Sleep Number, which tend to run around $8,000.

     

    Additionally, I plan to do a maximum contribution to my IRA. On that note, what is the maximum IRA contributions I am allowed for someone that will be 40?

    Critter-3
    September 28, 2022

    Max IRA for a person under 50 = $6000