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joneill4
Level 1

Timing of deductions

I have in 2019 purchased a new hearing aid. I financed it. Payments commenced in 2019 but end in early 2020.  Can I deduct the entire cost of the hearing aid in my 2019 return.?The financing was due through

WF Health at Wells Fargo.

1 Best answer

Accepted Solutions
xmasbaby0
Level 15

Timing of deductions

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2019—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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2 Replies
DoninGA
Level 15

Timing of deductions

The hearing aid was fully paid for in 2019 by the loan you received.  The cost of the hearing aid would be an eligible medical itemized deduction on Schedule A on your 2019 tax return.

xmasbaby0
Level 15

Timing of deductions

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2019—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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