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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
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
