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jjrockx
New Member

What expenses can I deduct?

I have a lot of medical expenses for 2016 but haven't made any payments on them yet cause I missed a lot of work due to illness
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4 Replies

What expenses can I deduct?

Use this IRS Publication 502 for Medical and Dental Expenses - <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p502.pdf">https://www.irs.gov/pub/irs-pdf/p502.pdf</a>

What expenses can I deduct?

You can only deduct un-reimbursed medical expenses that you paid with out of pocket funds during the year.

Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions.  However, only your total medical expenses that are greater than 10% of your Adjusted Gross Income (AGI) can be deducted if you are under age 65.  If you are age 65 or older the AGI limit is 7.5%.  Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

What expenses can I deduct?

If you charge them on a credit card, you can deduct them at the time of charging. Also, are you receiving any sick pay or disability benefits?

What expenses can I deduct?

You can deduct only medical expenses that you have actually paid out of our pocket. Nothing else. Bills don't count. Only what you have actually paid out of your pocket.

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