Last year I forgot to add deductions for lasik (medical) and partial closing costs. Can use them this year?
Robyn asked:
Am I able to add these itemized deductions totalling about 4,000$ this year (2007), or will I have to ammend last years tax return?
I prepared my own taxes using tax slayer. That is why I was hoping to avoid the hassle, but I will go ahead and ammend it then myself. Thanks!
Yes tell your preparer you wish to amend last years return…
Please amend last year’s tax returns.
You will have to amend last year.
A couple of things to keep in mind:
1) Total medical expenses are only deductible to the extent that they exceed 7.5% of your income.
2) Most closing costs are not deductible. Pretty much the only closing costs that are deductible are points and/or loan origination fees on only if they are related to a purchase. If it was a refinance, you must spread these out over the life of the loan.
No, you can’t claim them this year if they were paid last year, but you can amend last year’s return to deduct them.
You can claim deductions only on the return for the proper year or an amendment to that return. You cannot claim them on a later year’s return because you forgot.