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mikipam
March 15, 2023
Question

Medical expense $2860.663% of income $2172.03.Does it qualify for claim expense CREDIT?

  • March 15, 2023
  • 1 reply
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    1 reply

    TurboTaxSusan
    TurboTaxSusan
    March 20, 2023

    Medical expenses must total more than the lesser of$2,479 or 3% of Net Income before a credit is allowed. So, an expense of $2860.66 qualifies for the credit.  However, the medical expense tax credit is non-refundable. This means you can only use it to reduce the tax that you may have to pay. It can't generate or increase a refund. 

     

    If you can’t use the expenses this year, you may be able to use them next year.

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