We have a lot,for us, of medical bills this year.
How much out of pocket expenses is necessary to deduct medical expenses?
We’ve never been able to deduct before.
Go to the IRS web page and get the 1040 instructions.
When filing, you have a choice between taking the standard deduction [look it up, it’s around $2500 per family member] or itemizing deductions. If the medical bills are the only reason for itemizing, they would have to be huge to be larger than the standard deduction.
Also [look in the 1040 instructions], I believe you can only deduct medical expenses that exceed a certain portion of your income. After all, not every expense is deductable.
We usually file a joint return. No problem with the $2500.I’ve got that myself. Problem is do I pay it all off now and take it off my taxes or make payments. I don’t have much income this year because of time off due to the surgeries.
Best bet is to take it all off in a lump, since that will reduce your taxes.
To itemize deductions, your total deductions must be greater than your standard deductions (well, you could itemize if your deduction is less, but that’s not recommended).
The medical deduction has to be over a certain percentage of your income; any expenses below that threshhold don’t count.