Quote:
Originally Posted by peppy
I was adding up all of our medical expenses tonight, and it is going to be tight for us to deduct our expenses.
My wife and I do not itemize our deductions, but we can take medical expense if they exceed 7.5% of our AGI.
Most of our expenses have been from March-June 2007. I thought the Hospital had sent all of the bills, they had sent us money back saying that we had over paid.
Today we get a bill for $1100. Shirt! Can we roll everything into 2008 and take the deductions then or are we just screwed out of the $1100?
We drove over 11K miles and only get .20 a mile and 50% of meals, what a load of crap.
Sorry for the rant.
All advise is welcome.
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If you file the long form you can deduct all qualified medical expenses that exceed 7.5 % of your adjusted gross income.
You can only deduct the expenses for the year in which you actually pay them.
What I would do is pay that bill in 2008 along with any and all other medical expenses to get maximum bang for this year. Some places even let you pre-pay medical expenses and back when I had 5 kids at home I would often do exactly that...and then tell/ask them to allow me to pay nothing the next year. Basically paid all our med bills on a 2 year lapse. I'm certainly not a tax expert but it worked for me!
Good luck.