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| I got a letter from IRS saying I owe money for not filing taxes in 2003. I was 19 and made 16k that year. I lived with my parents and I was a full time student but I wasn't claimed as a ... |
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 Income tax question? |
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 Is Social Security funds about to run out soon? |
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 Filing electronically - still forms involved? |
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Can someone tell me if you still ... |
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| I would like to obtain it with no danger to my security. If you guys can help it would be great. Much appreciated.... |
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Additional Details
accutally the kids and their mom was living with him. He was dating her for oveer a year and took care of them and they end up breaking up and the girl moved out of ... |
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jillrdh2002 | Do out of pocket medical expenses have to be paid in full to be itemized as a tax deduction for 2007 tax year? |
I have a high deductible and over $5000 in out of pocket medical expenses so far for 2007. |
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Judy1
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You can only deduct the actual amount that you paid in that year. If during the tax year you are filing for you paid $3000 of the $5000 for example, your deduction would be $3000. If you pay the other $2000 the next year, that would be a deduction for the next year.
You can only deduct medical expenses if you itemize, and then can only deduct the portion of the expenses that is greater than 7.5% of your adjusted gross income. |
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acmeraven
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The amount billed is not deductible, only the amount you actually pay can be used. |
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Lisa A
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You can only deduct what you PAID for qualifying medical expenses. Not what you've been billed. |
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Steve
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You have to pay your medical expenses before you can deduct them. Payment can be cash or credit card. |
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Jeff J
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No, your bills do not have to be "paid in full" to deduct what you paid on your taxes. However you can only deduct what you actually paid, not what you were billed.
http://mrjjones.net |
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ninasgramma
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Only medical expenses you paid with after-tax dollars are deductible. The expenses do not have to be entirely paid off. The expenses could be for a prior year, so if you continue to pay your 2007 expenses in 2008, you can deduct those payments in 2008.
Since you have a high deductible policy, consider establishing a Health Savings Account. You will be able to deduct contributions to your HSA up to $2,850 ($5,650 for family), plus an additional $700 if you are age 50 or over. Then, you can use your HSA contributions to pay for your expenses tax-free.
If you have not established an HSA you can still do so and retroactively contribute based on the entire year. Any payments you make after establishing the HSA from your HSA contributions will be tax-free. |
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NC
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Yes, because if you carry the balance over into the next year, you have not technically paid the debt yet. |
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moore2bj
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Yes, they do have to be paid in full before the end of the year. And you can deduct only the amount of your expenses that exceeds 7.5% of your adjusted gross income. So if your AGI is $40,000, 7.5% of that is $3000, if your bills were $5000 you can only deduct the $2000. |
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