Are hospital bills from last year fully deductable on my taxes for this year?

Question

I have no insuranxe and got sick in 05. I m paying about 300.00 a month on these bills. Are they tax deductable? Can I still deduct the ones from 06 I didnt deduct last year?

Answer 1

Assuming that you have enough medical deductions to itemize, you can deduct any payments that you make in 2007.

Answer 2

You can deduct the amount you paid in 2007 on your 2007 taxes. You can ammend your 2006 return to include the deduction for the amount you paid in 2006. However, you may not want to. Your standard deduction for the Federal Taxes is 5,150. You can only deduct medical bills that are over more than 7.5% of your income. Since your hospital bills that you paid only come to $3,600 you would still get more from the standard deduction. If you have other deductible expenses it might be worth it, but unless you own a home, you probably don't.

It will probably not benefit you to itemize your deductions.

Answer 3

Only if you paid the bills in 2007. Anything paid in 2006 must be deducted on your 2006 return. Of course, if that was your only itemized deduction you wouldn't have enough to make itemizing worthwhile.

Answer 4

The part of the bills that you actually paid are deductible for the year paid - anything not yet paid is not deductible. You can only deduct them if you itemize, and then you can only deduct the portion of medical expenses that you paid that are over 7.5% of your income.

Answer 5

You deduct your medical expenses in the year they are paid, not necessarily the year they are incurred.

So the amount you are paying in 2007 for prior years' medical expenses are deductible for tax year 2007.

Answer 6

you're a money foundation taxpayer and declare deductions in 365 days paid, in spite of 365 days incurred. scientific expenditures might desire to be better than 7.5% of AGI to be deductible, a extreme threshold. scientific expenditures comprise scientific mileage, prescriptions, hospital and regularly occurring practitioner costs, dentists, glasses, touch lenses, etc. additionally contains insurance IF paid with submit-Tax money.

Answer 7

You can take the deduction when you write the check unless you are an accrual basis taxpayer. (If you don't know if you are an accrual basis taxpayer, trust me, you aren't.)