Tax deduction
If you have a prescription from your doctor for them, they are tax deductible like any other medical expense. For medical expenses to be tax deductible, they must total more than 7.5% of your total income. The amount above that is then tax deductible. For instance, if your medical expenses equal 10% of your total income, then 2.5% of that amount would be tax deductible.
Kelly
Please note: I AM NOT A DOCTOR. If you want medical advice, talk to your doctor. Whatever I post, there is probably some surgeon or other health care provider somewhere that disagrees with me. If you want to know what your surgeon thinks, then ask him or her. Check out my blog.
The part about being above a certain percent is correct, but I believe this year, it went from 7.5% to 10%. So, if your total out of pocket for medical (not what the insurance paid) was more than 10% of your AGI, then you could count that portion, but most people with insurance do not get that high.
HW: 440.5 RNY 2/18 (Feb - 27, Mar -21, Apr -11, May -15.5, Jun - 12, Jul -14.5, Aug -9, Sept -11, Oct 6.2)
I didn't realize it went up this year.
My medical expenses this year were more than 25% of my income. How awful is that?
Kelly
Please note: I AM NOT A DOCTOR. If you want medical advice, talk to your doctor. Whatever I post, there is probably some surgeon or other health care provider somewhere that disagrees with me. If you want to know what your surgeon thinks, then ask him or her. Check out my blog.
