Medical Tax Credits
February 8th, 2010
Question: Paid medical bill from HSA account today. If not cleared by 31st Dec, can I still take tax credit for it ?
What if my check clears on Jan 2nd or so.. Does that mean, I can’t take tax credit for 2008?
Answer: You take a deduction (just like taking income) on the day it was paid (or, with income, the day it was paid or should have been paid.) The organization must declare it as income on the day the check was written so, it follows that that is the day of the deduction.
Tax chat transcript – Feb. 6, 2010
Good morning! Welcome to the Enquirer’s first 2010 Tax Chat. Tom Cooney and I are here to answer your tax questions. Submit your questions and remember that you won’t see your question posted until we respond with an answer.
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