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
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