Google Answers Logo
View Question
 
Q: Medical Expenses > 100% AGI ( No Answer,   2 Comments )
Question  
Subject: Medical Expenses > 100% AGI
Category: Business and Money > Accounting
Asked by: wode-ga
List Price: $20.00
Posted: 17 Oct 2006 08:46 PDT
Expires: 20 Oct 2006 07:29 PDT
Question ID: 774358
I incurred massive medical expenses this year, which I had to pay out
of savings; they were significantly more than 100% of my income.  Is
there any way to spread the associated deduction over future years?
Answer  
There is no answer at this time.

Comments  
Subject: Re: Medical Expenses > 100% AGI
From: abezon-ga on 17 Oct 2006 16:11 PDT
 
Pay some of the expenses in 2007 so you can deduct them on the 2007
return. You cannot use medical expenses to generate a net operating
loss. However, it might be worth paying someone to do your taxes next
spring so that they will figure any NOL that might be triggered by
other things on your return.
Subject: Re: Medical Expenses > 100% AGI
From: innanyc-ga on 19 Oct 2006 11:11 PDT
 
Medical expenses are deducted not for the year when the service was
provided, but for the year when the payment was maid. So, the previous
comment on spreading expenses to 2007 can be expanded to year 2008 and
2009 as long as you make arrangements with your health care providers
to pay on installment basis (they usually accept such requests). This
will allow you to fully utilize your medical deductions.

Important Disclaimer: Answers and comments provided on Google Answers are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Google does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. Please read carefully the Google Answers Terms of Service.

If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you.
Search Google Answers for
Google Answers  


Google Home - Answers FAQ - Terms of Service - Privacy Policy