topic Medical Expenses in Deductions & credits

Medical Expenses

majdnass — Wed, 30 Dec 2020 19:30:42 GMT

Hello everyone!

So we had about $2,000 medical bills in 2019. I haven't paid them yet nor set up a payment plan. I understand that IRS allows to deduct medical expenses that are 7.5% or higher of my adjusted gross income. Well this is not met here. So if I paid this amount today using my credit card, is there anything I can take advantage of to lower my taxes for 2019?

Re: Medical Expenses

DJS — Wed, 30 Dec 2020 19:35:10 GMT

No, there isn't any way to take advantage of the medical expenses unless you can itemize deductions and unless your medical expenses exceed 7.5% of AGI.

Re: Medical Expenses

Mike9241 — Wed, 30 Dec 2020 19:48:38 GMT

for 2020 you'll get no benefit if you don't itemize. could you timely pay them in 2021 though the issue is you must be able to itemize