2007-02-01 16:43:48 · 7 answers · asked by prada23 1 in Business & Finance ➔ Taxes ➔ United States
i dont know what you mean by taxable...but like scott something said...you might be able to deduct them if you itemize...but that means that in order for it to even count for anything they would have to exceed 7.5% of your income...and unless that alone brings you over the standard deduction amount you would need other things to itemize to try and have it all add up to more than the standard deduction...so ill try to give an example to explain what i mean:
Say your total income after everything...your AGI is $20,000.
7.5% of your AGI then would be $1,500. that means that you would have had to have hospital bills, health insurance premiums, copays...everything qualified medical over 1500 to even count for anything.
Now say its just you filing single...your standard deduction would be $5,150 this year...so that means that in total medical expenses you would have to have 1500+5150=6650 just in medical expenses for it to count...now of course that changes depending on your actual income and filing status.
also it would help if you say owned a home and paid mortgage interest and property taxes...any taxes taken out for state on your W2 also counts on that page..but the whole thing would have to add up to more than your standard to make any difference to matter to you.
this year its:
Single:5150
Head of Household : 7500
Married filing joint :10300
i tried to clarify myself but at this hour i feel like i just complicated the answer more...i apologize
2007-02-01 16:57:47 · answer #1 · answered by imaginadia510 2 · 1⤊ 0⤋
You do not include your hospital bills with your wages.
If you have paid large medical expenses (more than 7.5% of your wages), then you may benefit from using Schedule A and itemizing your deductions rather than taking the standard deduction.
Most of the time, it is better to just take the standard deduction and leave the medical expenses that were paid off of the tax return.
2007-02-02 01:01:33 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
I'm a little confused on just what you're asking.
Hospital bills that you paid in 2006 can be deducted if you itemize. You have to subtract 7.5% of your income from the medical bills though, and can then deduct the rest.
2007-02-02 01:05:42 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
I can't think of any situation where hospital bills would be taxable. They are deductible from your income to the extent that they are over 7.5% of your adjusted gross income and those combined with other qualified deductions push you over the standard deduction for your filing status.
2007-02-02 00:48:52 · answer #4 · answered by Scott K 7 · 1⤊ 0⤋
You can use hospital bills as a itemized deduction. However if the bills and your other itemized deductions are less then the standard deduction, then use the standard deduction.
2007-02-02 00:53:25 · answer #5 · answered by Dr. A, Luc, you 2 · 1⤊ 0⤋
If you paid more than $2100 in 2006, you can deduct it.
2007-02-02 00:46:49 · answer #6 · answered by p2of9 4 · 1⤊ 1⤋
Short answer: Talk to an accountant.
Seriously. They know tax code better than us schmucks here.
2007-02-02 00:47:08 · answer #7 · answered by kx_wx 3 · 1⤊ 0⤋