Tax Planner 2020 - Allowable medical deductions calculation needs update

Tax Planner is using 10% of AGI to calculate Allowable Medical Deductions. I don't see a way to change to the current rate of 7.5% nor can I fill in the field manually. Any suggestions?

Best Answers

  • tlbenning
    tlbenning Member ✭✭
    Accepted Answer
    Went looking. Found a Turbotax item that says it will increase to 10% in 2020. IRS not yet caught up in their Publications, I guess! Thanks very much.
  • tlbenning
    tlbenning Member ✭✭
    Accepted Answer
    And then several tax advisors say 7.5% was extended to both 2019 and 2020 tax years. So maybe the IRS is right and Turbotax wrong.

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @tlbenning.

    The 10% rate is correct for 2019 and all following years.  It was lowered to 7.5% only for '17 and '18.

    Frankx


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  • tlbenning
    tlbenning Member ✭✭
    My 2019 return shows 7.5% on Schedule A Line 3. What does yours say? IRS Publication 502 says 7.5%. Please provide a link if you have access to newer information.
  • tlbenning
    tlbenning Member ✭✭
    Accepted Answer
    Went looking. Found a Turbotax item that says it will increase to 10% in 2020. IRS not yet caught up in their Publications, I guess! Thanks very much.
  • tlbenning
    tlbenning Member ✭✭
    Accepted Answer
    And then several tax advisors say 7.5% was extended to both 2019 and 2020 tax years. So maybe the IRS is right and Turbotax wrong.
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