Can someone provide me with details around the optimization of medical expenses in Taxcycle? Does Taxcycle do it for you? Or do I have to do it manually using allocation section on the Medical Expense worksheet?
Thank you
The first thing to select when reporting medical claim amounts when you prepare a return is to check the optimizations worksheet for the preferred period claim of medical expense amounts (By default - the applicable taxation year is selected)
Then you can proceed to enter the medical expense items on either spouse return on the Medical worksheet. The claim will by default allocate the amounts to the return of the person on which you have entered the medical amounts. At this point you can manually allocate a percentage to each spouse using the percentage boxes near the top of the medical worksheet. In the example provided below, you will see a split of 70 percent on one return while the remaining 30% is reported on the other return.
We are continually seeking ways to improve our optimizations - if you have suggestions on improvements, please let us know.
~ Rob