The IRS allows you deduct almost any legal drug or medicine as long as it requires a prescription from a doctor for its use. This includes medications used to treat, mitigate, or prevent a specific m...
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The IRS allows you deduct almost any legal drug or medicine as long as it requires a prescription from a doctor for its use. This includes medications used to treat, mitigate, or prevent a specific medical condition. Examples of other deductible prescribed treatments, including: Chronic Condition Meds: Diabetes, asthma, and arthritis medications. Prescribed antidepressants, anti-anxiety medications, and stimulants. Birth control pills and hormone therapy. Smoking cessation medications (if they require a prescription). Medicated eye drops, prescription-strength ointments, and vaccines. Medical expenses that are NOT deductible: Aspirin, cold medicine, or allergy meds even if your doctor recommends them, unless you have an actual prescription for them. Vitamins and supplements are not deductible unless they are specifically prescribed by a doctor to treat a diagnosed medical condition (like iron for anemia). Prescriptions used solely for cosmetic purposes (like Rogaine for hair loss or Botox for wrinkles) are not deductible. In order to deduct medical expenses: You must itemize: (file Schedule A instead of taking the Standard Deduction). You can only deduct the portion of your total medical expenses that exceeds 7.5% of your Adjusted Gross Income (AGI). For example: If your AGI is $50,000, the first $3,750 of medical expenses (7.5%) don't count. Thus, you could only deduct (Your Total Medical Expenses (say $5,000) - ($50,000 x 0.075)) = $5,000 - $3,750 = $1,250 is deductible, You may also deduct/include the following to calculate your Total Medical Expenses: The mileage driven to the pharmacy or doctor's office. Health, dental, and vision insurance premiums you paid with after-tax money. Co-pays. Where to deduct medical expenses in TurboTax... TurboTax FAQ: Can I deduct medical expenses? For more information, IRS Pub. 501 -Medical and Dental Expenses