close
    are drug costs tax deductible

    0  Views: 544 Answers: 2 Posted: 9 years ago

    2 Answers

    Drug costs, medical insurance, doctor appointments, mileage to and from those appointments, x-rays, hospitalizations, surgeries, etc. etc.   are tax deductible AFTER subtracting the first 7.5% of your AGI from the total of those expenses.  
    For example, if your AGI were $30,000, $2,250 would be 7 1/2% of that.  Anything in excess of $2,250 would be tax deductible.  
    This is applicable if you use Schedule A instead of standard deduction.  Standard deduction for a Single person is $5,800; $11,600 for Married Filing Jointly.  To use Schedule A, your deductions should be in excess of the standard deduction amount.  
    For more information, check out www.irs.gov  and get the low-down on Schedule A guidelines.

    According to IRS Revenue Ruling 2003-58, the law does limit the deduction for medicine or drugs to those drugs that require a prescription. Even when recommended by a doctor, medicines available over-the-counter are not deductible.



    Top contributors in Other - Taxes category

     
    country bumpkin
    Answers: 6 / Questions: 0
    Karma: 270
     
    Colleen
    Answers: 21 / Questions: 0
    Karma: 255
     
    ROMOS
    Answers: 7 / Questions: 0
    Karma: 255
     
    Flip
    Answers: 4 / Questions: 0
    Karma: 120
    > Top contributors chart

    Unanswered Questions

    446543
    questions
    716878
    answers
    671644
    users