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Turbotax says i need at least $700 in medical expenses to claim. I have over $1400 but it's not affecting my return. Shouldn't I be getting money back? I don't understand
I made 23000 this year.
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October 30, 2019
11:56 AM
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Credits and deductions
Medical expense is a non-refundable credit, like almost all tax credits today.
This means that the credit of tax reduces your tax payable. When your combined amount of non-refundable credit exceeds the amount of tax payable, no further credit applies.
Also, Medical has a 3% deductible, in your case around $690, so you have the rest ( ~$700) available to claim. But it is a non-refundable credit (Not a deduction).
A refund is only,ever, when you overpay tax on your income. This usually happens when more tax than required is taken off your pay at source. Refunds are not new money!
October 30, 2019
11:57 AM