I will exceed the 10% threshold on medical expenses this year, but less likely next year, so I would like to take the deduction while I can.
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If the Health insurance premiums are paid in 2018 they can be deducted as an itemized medical deduction on Schedule A.
Only the amount of medical expenses over 7.5% of AGI can be deducted in 2018. For tax year 2019 the expenses over 10% of AGI can be deducted.
If the Health insurance premiums are paid in 2018 they can be deducted as an itemized medical deduction on Schedule A.
Only the amount of medical expenses over 7.5% of AGI can be deducted in 2018. For tax year 2019 the expenses over 10% of AGI can be deducted.
to get a benefit out of prepaying, your itemized deductions (medical, mortgage interest, taxes, etc) must exceed your standard deduction.
One other caveat; The insurance company must accept the prepayments. check first.
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