My personal tax situation

[powerage]

Please excuse my grammar and spelling, thanks...I have major back pain, and the tax code...well, drives us all batty....and I'm on my meds at home.

I'm single and have no dependents. No one can claim me.

I had surgery in October 2009, and the total bill is a little over $15,000. My AGI is around $11,000. No bills were paid in 2009.

My credit sucks, so I cannot get a loan to pay my medical bill. If I understand the tax code correctly, I can use a loan to pay my medical bills and have a deduction, because my medical bills exceed 7.5% of my AGI. As long as I use that loan to pay my medical bills, I can deduct the medical bills, am I right or wrong?

That said, can I get a private loan, pay my medical bills with that loan, and take a med deduction?

[jimenright]

not good

If you pay your medical bills you would probably get any withholding you paid back. If you are over 25 and had earned income you may get a small earned income tax credit. If you have earned income you may get the "Making Work Pay Credit" of up to $400. Whatever your refund, it will not be enough to pay your medical bills.

As far as the loan goes, I doubt that anyone will loan you money unless you have assets to secure the loan.

Maybe you should claim bankrupcy.

[geekgirldany]

Not to get personal but have you tried working out a payment agreement on the medical bills. I have a large deductible on my health insurance. So I've had a few procedures not covered. I've always been able to make an payment arrangement with them to pay it off.

[taxea]

A payment arrangement is based on ability to pay/amount and length of time. This question would be best asked of the holder of the bill.

[newbie]

Please excuse my grammar and spelling, thanks...I have major back pain, and the tax code...well, drives us all batty....and I'm on my meds at home.

I'm single and have no dependents. No one can claim me.

I had surgery in October 2009, and the total bill is a little over $15,000. My AGI is around $11,000. No bills were paid in 2009.

My credit sucks, so I cannot get a loan to pay my medical bill. If I understand the tax code correctly, I can use a loan to pay my medical bills and have a deduction, because my medical bills exceed 7.5% of my AGI. As long as I use that loan to pay my medical bills, I can deduct the medical bills, am I right or wrong?

That said, can I get a private loan, pay my medical bills with that loan, and take a med deduction?

I don't think the holder of the bill will have or will offer an answer your question but would refer you to a tax professional for an answer.

Yes you are right, if you use that loan to pay your medical bills you can deduct. If you are just making payments to the medical facility only the payments would be deductible. If you are given or loaned the money that you use to pay the bill it is a medical expense.