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greencymbeline OP t1_je8gxdb wrote

Reply to comment by DeluxeXL in How should I deal with very high medical expenses on a low income in our taxes? by greencymbeline

Usually we would do standard, but this year it’s been so high due to dental stuff, I’d have to think itemizing would result in a better outcome. But that’s what I’m here asking. I know no one here can do my taxes here or tell me the exact answers but just looking for info.

Does it matter that the $24,000 was a gift?

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DeluxeXL t1_je8hg4l wrote

> But that’s what I’m here asking

You said $24k was out of pocket.

$55k was the AGI.

7.5% of $55k is $4125.

$24k - $4125= $19875.

Do you have anything else to itemize? Such as

  1. $19875: medical expense
  2. $_____: charitable donations
  3. $_____: property tax, real estate tax, etc.
  4. $_____: either state income tax or state sales tax (#3 and #4 are capped at $10k together)
  5. $_____: mortgage interest
  6. $_____: losses in federal disaster areas
  7. $_____: gambling losses

If your total itemized deduction exceeded $25900 (standard deduction for MFJ), take the itemized deduction.

> Does it matter that the $24,000 was a gift?

No

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greencymbeline OP t1_je8iso2 wrote

I made an edit in my OP: our income is $55k, not $65k.

Thank you for the explanation, although I’m not sure what the outcome means. Thanks for the info about the gift.

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DeluxeXL t1_je8izn3 wrote

Do you own a home? If yes, how much did you pay in property tax and the interest portion of mortgage in 2022?

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