Can I accumulate medical expenses for more than 1 year?

Question

I don't enough medical expenses for the year 2005. Can I accumulate expenses from 2005 & 2006 and deduct them on my 2006 tax return?

Answer 1

No you cannot, but if you pay for the medical of a previous year like 2005 in a current tax year 2006, it is deductible. But in all it has to be more than 7.5% of your AGI before you can get any deduction from it.

Answer 2

The year you pay the expenses is the year they can be deducted. So if you pay the 2005 expenses in 2006, they can be deducted in 2006.

Waiting until the following year to pay, and then paying the previous year and current year, may allow you to meet the threshold for medical deductions.

Answer 3

No, medical expenses are only deductible in the year you actually paid them, you can't just accumulate them. If you don't have enough itemized deductions to exceed your standard deduction, then you take the standard. Or if you have enough deductions to itemize, but not enough medical to be over the 7.5% limit, then you'd itemize but not list medical expenses.

Answer 4

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Answer 5

Sorry - But no you cannot