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Submitted By: someone
Answered: February 22, 2022 2:16 am
Answered: February 22, 2022 2:16 am
If I paid in 2021 for dental work to be performed in 2022, can I deduct this on my 2021 return?
Generally, prepaid medical expenses, including dental costs, are not deductible. An old Tax Court case said that advance payment for medical services to be rendered in the following year are not deductible in the year paid. The only exception is for prepaid of lifetime care from a continuing care facility or nursing home.
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Tax Glossary
Withholding
An amount taken from income as a prepayment of an individual’s tax liability for the year. In the case of wages, the employer withholds part of every wage payment. Backup withholding from dividend or interest income is required if you do not provide the payer with a correct taxpayer identification number. Withholding on pensions and IRAs is automatic unless you elect to waive withholding.
