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Thread: Tax question
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02-10-2018, 11:28 AM #1
Tax question
I always do my own taxes and usually it is a piece of cake for me, even when doing itemized deductions. You can usually search for everything on the irs.gov site. Here's one I can't find. The IRS phone puts you on hold forever, so I'm wondering if anyone has run into this.
Our medical out of pocket medical expenses were $64,463.04 for 2017. The issue is that I haven't finished paying for it all yet. I'm still paying the hospital to spread out two of the bills until 2/8/2019, while the others were paid for by year end.
I assume I can only deduct the payments to date vs. the total bill that is to be paid? I think this is the case, but since it's going to make a big difference on our taxes, I thought I'd ask.
I guess I can always have someone else do our taxes, but I'd hate to do that just for this one question.Utah is a very special and unique place. There is no where else like it on earth. Please take care of it and keep the remaining wild areas in pristine condition. The world will be a better place if you do.
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02-10-2018 11:28 AM # ADS
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02-10-2018, 11:39 AM #2
Schedule A - Report the total medical expense you paid for the year on line 1.
I'm not a tax expert but it seems pretty clear to me as it says 'paid' and not 'billed'. So you can only claim what has actually been paid in 2017.
I had this same deal with my daughter a few years back when she knocked out her front teeth. I paid all the medical bills I could before years end to push the biggest deduction I could into one year.
https://turbotax.intuit.com/tax-tips...axes/L1htkVqq9
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Post Thanks / Like - 1 LikesScott P liked this post
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02-10-2018, 12:04 PM #3
Thanks Shane. That's what I thought, but I wanted to make sure.
PS, I think you said that you had an HSA? Who did you go through to get one?
Thanks.Utah is a very special and unique place. There is no where else like it on earth. Please take care of it and keep the remaining wild areas in pristine condition. The world will be a better place if you do.
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02-10-2018, 12:45 PM #4
We went a different direction then HSA, but I still think that's the way to go under the current system. At the time I thought the GOP would fix our healthcare system, or at least tilt it back more in my favor. The current system sucks for me. I pay twice as much for half the coverage since Obamacare.
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