Prescription medication that you paid for with out of pocket funds and were not reimbursed can be deducted as a medical expense on Schedule A. However, only the amount of your medical expenses that is greater than 7.5% of your adjusted gross income can be entered as a medical deduction.
Then the total all itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2022
- Single - $12,950 add $1,750 if age 65 or older
- Married Filing Separately - $12,950 add $1,400 if age 65 or older
- Married Filing Jointly - $25,900 add $1,400 for each spouse age 65 or older
- Head of Household - $19,400 add $1,750 if age 65 or older
