Medical Expenses

[Sharon]

I had a surgical procedure on 12/31/20.  I now have some co-pays etc coming due.  Would these be considered a medical expense for 2020 or 2021?

[TheOtherMe]

Since you are a cash basis taxpayer the medical bills you pay are deductible in the year paid. Putting them on a credit card is considered paid

[oped]

Medical expenses for tax purposes? Or deductible purposes?

[Sharon]

This would be for tax purposes.  I've only ever been able to deduct medical expenses once or twice but I always track them because you never know when disaster may strike.

[buystoys]

You have to have some major expenses for them to be deductible.  The standard deduction increase also increased the amount you have to have in medical expenses.  I'd go ahead and track the costs, but don't expect to be able to write them off.

[Deleted]

Feb 7, 2021 10:25:22 GMT -5 buystoys said:

You have to have some major expenses for them to be deductible.  The standard deduction increase also increased the amount you have to have in medical expenses.  I'd go ahead and track the costs, but don't expect to be able to write them off.

Tracking them, though, is a good idea if your state has an income tax and doesn't require you to file the same way you filed federal.

The year that DH died, we had a lot of medical expenses and only 3/4 of my salary.  Neither my pension nor our SS is taxable.  So I was able to deduct them.  I could deduct them now except I don't have any income because I only got my pension and SS last year.  I did take a $10k IRA withdrawal, but that wasn't enough to trigger taxes.  In fact, I have a loss to carry forward because of my 529 contributions.  You have to pay taxes to get a refund.

I track them, anyway, by putting them all on one credit card that is only used for deductible medical expenses.  At age 72 I will have to start taking RMDs.  I may have some income at that point.

[The Walk of the Penguin Mich]

When you pay them.

The only time I have been able to deduct my medical expenses was during my nightmare.  This was largely because my insurance year was from July to June, so I wound up with 2 sets of deductibles starting from my Dec hospitalization and surgery to my final surgery the following November. 

Also, when it happened I could deduct anything over 7.5% of my income, which I think since has jumped to 10%.  So once I found I could deduct, I could also include mileage as my doctor visits and surgeries were a 200 mile round trip, and we were making that trip just about every week for almost a year.  I was able to take a $13k deduction, when all was added together.