My total medical expenses are 15,139 in TT, > than standard deduction,14,600. But TT rec'd a standard deduction based on med expenses of 14,010 which is incorrect. Help!
My total medical expenses are 15,139 in TT, > than standard deduction,14,600. But TT rec'd a standard deduction based on med expenses of 14,010 which is incorrect. Help!
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 2024
Single - $14,600 add $1,950 if age 65 or older Married Filing Separately - $14,600 add $1,550 if age 65 or older Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older Head of Household - $21,900 add $1,950 if age 65 or older
Medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if you had medical expenses of $15,139, and an AGI of $100,000, you would subtract $7,500 of those medical expenses to arrive at the deductible amount. Then you would add in your other itemized expenses which include mortgage interest, gambling losses up to winnings, charitable contributions, state and local taxes up to $10,000
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.