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  • Medical derduction

    From Stan Brown@21:1/5 to All on Thu Mar 16 15:16:25 2023
    I've been doing my taxes using FreeTaxUSA through the IRS website,
    and I saw that the portion of medical expenses above 7.5% of AGI is
    deductible on Schedule A. I thought that had gone up to 10%.

    Out of curiosity, am I just remembering wrong, or did later
    legislation lower it back to 7.5%? And what will the threshold be for
    medical expenses in 2023?

    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...

    --
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  • From ira smilovitz@21:1/5 to Stan Brown on Thu Mar 16 15:46:54 2023
    On Thursday, March 16, 2023 at 3:17:36 PM UTC-4, Stan Brown wrote:
    I've been doing my taxes using FreeTaxUSA through the IRS website,
    and I saw that the portion of medical expenses above 7.5% of AGI is deductible on Schedule A. I thought that had gone up to 10%.

    Out of curiosity, am I just remembering wrong, or did later
    legislation lower it back to 7.5%? And what will the threshold be for
    medical expenses in 2023?

    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...

    --
    It was raised to 10% with ACA, lowered temporarily to 7.5% by the Tax Cuts and Jobs Act of 2017, and was lowered "permanently" to 7.5% by the Consolidated Appropriations Act of 2021.

    Ira Smilovitz, EA
    Leonia, NJ

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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  • From Rick@21:1/5 to Stan Brown on Fri Mar 17 04:19:23 2023
    "Stan Brown" wrote in message news:MPG.3e7cbc322e98c12d99009a@news.individual.net...


    I've been doing my taxes using FreeTaxUSA through the IRS website,
    and I saw that the portion of medical expenses above 7.5% of AGI is >deductible on Schedule A. I thought that had gone up to 10%.

    Out of curiosity, am I just remembering wrong, or did later
    legislation lower it back to 7.5%? And what will the threshold be for
    medical expenses in 2023?


    According to current IRS Publication 502 for 2022 returns:

    "You can deduct on Schedule A (Form 1040) only the part of your medical and dental expenses that is more than 7.5% of your adjusted gross income (AGI).

    This publication also explains how to treat impairment-related work expenses and health insurance premiums if you are self-employed."

    https://www.irs.gov/publications/p502#:~:text=You%20can%20deduct%20on%20Schedule,if%20you%20are%20self%2Demployed.



    --

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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  • From Adam H. Kerman@21:1/5 to ira smilovitz on Sat Mar 18 04:21:19 2023
    ira smilovitz <ira.smilovitz@gmail.com> wrote:
    On Thursday, March 16, 2023 at 3:17:36 PM UTC-4, Stan Brown wrote:

    I've been doing my taxes using FreeTaxUSA through the IRS website,
    and I saw that the portion of medical expenses above 7.5% of AGI is >>deductible on Schedule A. I thought that had gone up to 10%.

    Out of curiosity, am I just remembering wrong, or did later
    legislation lower it back to 7.5%? And what will the threshold be for >>medical expenses in 2023?

    It was raised to 10% with ACA, lowered temporarily to 7.5% by the Tax
    Cuts and Jobs Act of 2017, and was lowered "permanently" to 7.5% by the >Consolidated Appropriations Act of 2021.

    Your memory is quite good.

    This article written in 2018 without considering the 2017 act has
    the historic thresholds.

    https://deductions.tax/medical-expense-deduction-agi-threshold-2019/

    It was supposed to be raised to 10% for 2019 before the passage of the
    2017 act.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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  • From Stan Brown@21:1/5 to ira smilovitz on Sat Mar 18 04:20:49 2023
    On Thu, 16 Mar 2023 15:46:54 EDT, ira smilovitz wrote:

    On Thursday, March 16, 2023 at 3:17:36 PM UTC-4, Stan Brown wrote:
    I've been doing my taxes using FreeTaxUSA through the IRS website,
    and I saw that the portion of medical expenses above 7.5% of AGI is deductible on Schedule A. I thought that had gone up to 10%.

    Out of curiosity, am I just remembering wrong, or did later
    legislation lower it back to 7.5%? And what will the threshold be for medical expenses in 2023?

    It was raised to 10% with ACA, lowered temporarily to 7.5% by the
    Tax Cuts and Jobs Act of 2017, and was lowered "permanently" to
    7.5% by the Consolidated Appropriations Act of 2021.

    Thanks, Ira! That's exactly what I was looking for.

    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)