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Deductions & credits
If I settled a discrimination lawsuit and I was issued a check for taxable emotional distress, can I deduct the medical expenses I paid out of pocket - even if they weren't greater than 7.5% of my adjusted gross income? (I'm itemizing). For example, if my settlement was $200,000 and I added this as a 1099-M taxable income and I had 5k in medical expenses, but no other medical expenses to claim, is there a way that I can deduct the 5K? If so, how would this be done in TurboTax Premier?
‎April 15, 2021
3:08 PM