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Medical Deduction Tax Question

suzanne

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We had a lot out of pocket medical expenses during the year for 2008 but have set up payments plans with the hospitals. Can we deduct the entire amount we owe or just the amounts we paid in 2008?

Suzanne
 

Dave M

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You can deduct in 2008 only amounts paid in 2008. Any amounts yet to be paid would be deducted when paid.

Unfortunately, it's more complicated than that. Generally, you'll only be able to deduct medical expenses to the extent they exceed 7.5% of adjusted gross income. So if your adjusted gross income is $100,000 and you paid $8,000 for medical expense, your deduction would be only $500.

There are some other special rules, but that's a good starter.
 

suzanne

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Thanks Dave, that is what I thought. Sure was hoping otherwise, out of pocket for 2008 was over $12,000.00 this was after insurance paid their share.

Suzanne
 
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