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Medicine Expenses

Can I claim my prescriptions cost that I paid for all year on my taxes? 

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AnnetteB6
Employee Tax Expert

Medicine Expenses

Yes, the cost of prescription drugs can be claimed as a medical expense on your return as long as you paid for them out of pocket and you were not reimbursed for the cost.

 

However, in order to get a tax benefit from claiming the prescription cost, your total medical expenses must exceed 7.5% of your Adjusted Gross Income and you must be using Itemized Deductions instead of the Standard Deduction.

 

You should enter all of your medical expenses into your return in the Deductions and Credits > Medical > Medical Expenses section.  The question about whether you can deduct them depends on your total income and other itemized deductions you may have (such as mortgage interest, property taxes, or charitable donations).

 

TurboTax will do the math and let you know if your standard deduction or itemized deductions (including your medical expenses) is better for your tax situation.

 

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