Should I save my reciepts from payments on my medical bills?

Question

Are they tax deductible? I just received a bill from the hospital for an appey and my portion after insurance is $1,360. I also recently paid for the MD who did the surgery and after the insurance paid their portion, I paid $105. Plus the CT scan was another bill for about $27.00.

Can I claim this all on my taxes next year? How do I go about it? Is it all about saving the cancelled checks or the bills or what?

Answer 1

Yes! You may need them for tax reasons.

Answer 2

Save those receipts. You never know when you might need those.

Answer 3

Copayments and coinsurance are generally not tax-deductible, nor are premium payments if you're not self-employed.  There's an expecatation of a certain amount out of pocket.

Answer 4

To deduct qualified medical expenses on your tax return you will need to save the paper work. You will also need to file the 1040 long form.

Here's the major rule: You can only deduct your medical expenses if you file a Schedule A, for itemized deductions. And it's only worth itemizing if your combined deductions exceed your allowed standard deduction: $4,400 for a single individual, $7,350 for a couple filing jointly, etc. So save everything and next year your tax adviser can help you figure this out.