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Personal Finance and Investing

progree

(10,894 posts)

1. Yup, the medical deduction floor was changed on Dec 20, 2019 by the signing of the SECURE Act

Reply to question everything (Original post)

Tue Feb 25, 2020, 05:35 PM

Feb 2020

https://www.forbes.com/sites/kellyphillipserb/2019/12/20/congress-passes-bill-chock-full-of-extenders-healthcare-tax-repeal--retirement-plan-tweaks/#13fcf05940e4

The medical expenses deduction 7.5% floor has returned (it was previously bumped to 10%) for 2019 and 2020.

Meaning that medical expenses up to 7.5% of AGI don't count (GRRRR), it's only medical expenses above 7.5% of AGI that may be deducted (assuming one's total itemized deductions exceed the standard deduction threshholds of $12,200 single, $24,400 MFJ + some extra for age 65 and older, -- these are 2019 tax year numbers ).

In 2021 and after, the floor will be 10% again.

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Got to love the IRS forms [View all] question everything Feb 2020 OP

Yup, the medical deduction floor was changed on Dec 20, 2019 by the signing of the SECURE Act progree Feb 2020 #1

Thanks. Am already working on the 2020 return - first estimated payment next month.. question everything Mar 2020 #2