Claiming Medical Bill on Taxes

I have a tax question. I had surgery last month which is costing me 10000 out of pocket. I am on medical payment plans for now (will be paid off my May). My mom said that I could claim that on my taxes since I am paying for it myself. Does anyone know if thats true and if would I need the Dr bill or my medical plan statements. Thanks for anyone that can help. Im hoping this is true cuz Im figuring thats more money back to me!!

yes
it is true
if your medical expenses are more than a certain %age of your salary and im sure 10000 would fit into that since it is a small percent they require

do you use turbo tax??
i do and you plug the info right into the computer

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Posted by cherish83

I have a tax question. I had surgery last month which is costing me 10000 out of pocket. I am on medical payment plans for now (will be paid off my May). My mom said that I could claim that on my taxes since I am paying for it myself. Does anyone know if thats true and if would I need the Dr bill or my medical plan statements. Thanks for anyone that can help. Im hoping this is true cuz Im figuring thats more money back to me!!

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OMG that would be great if we could claim that! I was hospitalized a year ago and I also have a $10,000 bill i'm paying out of pocket..I have to call my acct today to make an appt so i can ask him then

This might help:
Topic 502 - Medical and Dental Expenses

If you itemize your deductions on Form 1040, Schedule A (PDF), you may be able to deduct expenses you paid that year for medical care (including dental) for yourself, your spouse, and your dependents. A deduction is allowed only for expenses paid for the prevention or alleviation of a physical or mental defect or illness. Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or treatment affecting any structure or function of the body. The cost of drugs is deductible only for drugs that require a prescription, except for insulin.

Medical expenses include fees paid to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and Christian Science practitioners. Also included are payments for hospital services, qualified long–term care services, nursing services, and laboratory fees. Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction are also deductible medical expenses. You may include amounts you paid for participating in a smoking–cessation program and for drugs prescribed to alleviate nicotine withdrawal. However, you may not deduct amounts paid for nicotine gum and nicotine patches, which do not require a prescription. You may deduct the cost of participating in a weight-loss program for a specific disease or diseases, including obesity, diagnosed by a physician. You may not deduct the cost of purchasing diet food items. In addition, you may include expenses for admission and transportation to a medical conference relating to the chronic disease of yourself, your spouse, or your dependent (if the costs are primarily for and essential to the medical care). However, you may not deduct the costs for meals and lodging while attending the medical conference.

The cost of items such as false teeth, prescription eyeglasses or contact lenses, laser eye surgery, hearing aids, crutches, wheelchairs, and guide dogs for the blind or deaf are deductible medical expenses.

You may not deduct funeral or burial expenses, health club dues, over–the–counter medicines, toothpaste, toiletries, cosmetics, a trip or program for the general improvement of your health, or most cosmetic surgery.

You may deduct transportation costs primarily for and essential to medical care that qualify as medical expenses. The actual fare for a taxi, bus, train, or ambulance can be deducted. If you use your car for medical transportation, you can deduct actual out–of–pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses. With either method you may include tolls and parking fees.

You may include in medical expenses the incidental cost of meals and lodging charged by the hospital or similar institution if your main reason for being there is to receive medical care.

You can only include the medical expenses you paid during the year, regardless of when the services were provided. Your total medical expenses for the year must be reduced by any reimbursement. It makes no difference if you receive the reimbursement or if it is paid directly to the doctor or hospital.

You may include qualified medical expenses you pay for yourself, your spouse, and your dependents, including a person you claim as a dependent under a multiple support agreement. If either parent claims a child as a dependent under the rules for divorced or separated parents, each parent may deduct the medical expenses he or she actually pays for the child. You can also deduct medical expenses you paid for someone who would have qualified as your dependent except that the person didn't meet the gross income or joint return test.

You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income. You do this calculation on Form 1040 Schedule A in computing the amount deductible.

Medical expenses include insurance premiums paid for accident and health or qualified long-term care insurance. You may not deduct insurance premiums for life insurance, for policies providing for loss of wages because of illness or injury, or policies that pay you a guaranteed amount each week for a sickness. In addition, the deduction for a qualified long–term care insurance policy's premium is limited. Refer to Publication 502 , Medical and Dental Expenses.

You may not deduct insurance premiums paid by an employer–sponsored health insurance plan (cafeteria plan) unless the premiums are included in Box 1 of your Form W-2 (PDF).

If you are self–employed and have a net profit for the year, or if you are a partner in a partnership or a shareholder in an S corporation, you may be able to deduct, as an adjustment to income, 100% of the amount you pay for medical insurance for yourself and your spouse and dependents. You can include the remaining premiums with your other medical expenses as an itemized deduction. You cannot take the special 100% deduction for any month in which you are eligible to participate in any subsidized health plan maintained by your employer or your spouse's employer.

NOTE: If you itemize & deduct medical expenses (in your case sounds like you will be able to) make sure to include all other expenses (co-pays, prescriptions, etc...). I had LASIK this year and itemize and have saved everything so I can maximize this deduction....

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Posted by cherish83

Thanks girls!! I think I definitely can now! I never used Turbo Tax before. I usually give my stuff to my dad to give to his accountant. I was going to start using Turbo Tax this year but I think because of the medical bills I'll give it to the accountant to make sure I dont screw anything up.

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I would go to the accountant if you are itemizing and not familiar with that. Also, if you are going to itemize (b/c of medical) maybe there are other deductions you can claim? I'm in sales and have many deductions b/c I itemize... might be worth it to look into and hopefully you can get a larger return. Good Luck!

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Posted by minibride08

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Posted by cherish83

Thanks girls!! I think I definitely can now! I never used Turbo Tax before. I usually give my stuff to my dad to give to his accountant. I was going to start using Turbo Tax this year but I think because of the medical bills I'll give it to the accountant to make sure I dont screw anything up.

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I would go to the accountant if you are itemizing and not familiar with that. Also, if you are going to itemize (b/c of medical) maybe there are other deductions you can claim? I'm in sales and have many deductions b/c I itemize... might be worth it to look into and hopefully you can get a larger return. Good Luck!

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Thanks! I am definitely using the accountant. I am hoping my return pays off the rest of the bill. I've already paid 6000. (so if not i can pay the minumum from now til may without interest)