We've got 1766.30 in dental bills that were paid with a credit card in 2006. Can they be counted as a medical expense for itemizing taxes?
Also, have $115 for a life insurance premium payment, does that count too??
Thanks!!
2007-01-29 10:41:38 · 5 answers · asked by Corinne 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Fo anyone else looking for this same type of info I found a pdf document on the irs website that answers my questions. Thanks for thoes who answred in Yahoo!
http://www.irs.gov/pub/irs-pdf/p502.pdf
2007-01-29 11:12:55 · update #1
Any unreimbursed medical expenses are tax deductible up to a certain limit. I'm not sure what is the exact number is, probably around 7%.
As for life insurance premiums, they are not tax deductible.
2007-01-30 15:34:15 · answer #1 · answered by Anonymous · 3⤊ 0⤋
The medical expenses are considered to be paid by you at the time you put them on your credit card, so yes, that would count toward 2006.
You can only deduct medical expenses that exceed 7.5% of your income.
Life insurance premiums are not deductible.
2007-01-29 11:56:16 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Medical counts in whatever form you paid (cash, CC, check) as long has you have the receipt. However, the amount must be greater than 7.5% of your AGI. Life insurance cost is not deductible.
2007-01-29 10:51:04 · answer #3 · answered by my opinion 2 · 1⤊ 0⤋
Any medical bills over a certain percentage of your wages is deductible if you itemize. Any insurance other than medical is not deductible.
2007-01-29 10:49:00 · answer #4 · answered by Barkley Hound 7 · 0⤊ 0⤋
Yes, you can but it has to exceed i believe 7.5% of your adjusted gross income for it to count.
2007-01-29 10:49:12 · answer #5 · answered by mypassions4life 5 · 0⤊ 0⤋