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Level 1
June 1, 2019
Question

Is buying prescriptions a medical expense

  • June 1, 2019
  • 1 reply
  • 18 views
What do I do to get standard deduction

1 reply

RachelW33
Alumni - Expert
Alumni - Expert
June 1, 2019

Yes, buying prescriptions is a medical expense.

TurboTax will automatically use the Standard Deduction on your Tax Return unless you input Itemized Deductions in excess of this amount.

If you are itemizing your deductions on Schedule A, you can include your prescriptions as "Medical Expenses".  

Keep in mind medical expenses are subject to a 7.5% floor, meaning only the portion in excess of 7.5% of your Adjusted Gross Income become deductible on Schedule A.

Finally, your medical expenses plus your other itemized deductions still must exceed your standard deduction before they increase your refund (or lower your balance due).

The Standard Deduction has been increased in 2018 to the following amounts based on your filing status:

  • Single/Married File Separate- $12,000
  • Head of Household- $18,000
  • Married Filing Joint- $24,000 
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