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June 3, 2019
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If i took money out of a 401k for medical bill,can i claim all my medical bills for 2016 or only the ones i paid so far

  • June 3, 2019
  • 1 reply
  • 0 views
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Best answer by MargaretL

You can only claim medical expenses for which you actually paid.  Being billed does not qualify for a deduction, only the actual amount paid. 

Note: Please be sure to enter your 1099-R form into TurboTax exactly as it appears and answer follow up questions. If you took out the money before you reached age 59 1/2, you may have to pay additional 10%penalty. However, medical expenses qualify for an exception to the 10% penalty.  You will be asked about the exceptions in the interview. 

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

1 reply

MargaretL
MargaretLAnswer
Employee
June 3, 2019

You can only claim medical expenses for which you actually paid.  Being billed does not qualify for a deduction, only the actual amount paid. 

Note: Please be sure to enter your 1099-R form into TurboTax exactly as it appears and answer follow up questions. If you took out the money before you reached age 59 1/2, you may have to pay additional 10%penalty. However, medical expenses qualify for an exception to the 10% penalty.  You will be asked about the exceptions in the interview. 

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)