Last year I forgot to add deductions for lasik (medical) and partial closing costs. Can use them this year?

Question

Am I able to add these itemized deductions totalling about 4,000$ this year (2007), or will I have to ammend last years tax return?

I prepared my own taxes using tax slayer. That is why I was hoping to avoid the hassle, but I will go ahead and ammend it then myself. Thanks!

Answer 1

You will have to amend last year.

A couple of things to keep in mind:

1) Total medical expenses are only deductible to the extent that they exceed 7.5% of your income.

2) Most closing costs are not deductible. Pretty much the only closing costs that are deductible are points and/or loan origination fees on only if they are related to a purchase. If it was a refinance, you must spread these out over the life of the loan.

Answer 2

You can claim deductions only on the return for the proper year or an amendment to that return. You cannot claim them on a later year's return because you forgot.

Answer 3

No, you can't claim them this year if they were paid last year, but you can amend last year's return to deduct them.

Answer 4

Yes tell your preparer you wish to amend last years return...

Answer 5

Please amend last year's tax returns.