perscription copay deductible?
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New Member

perscription copay deductible?

Hi

I am wondering if copays for prescriptions are deductible

2 Replies
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Level 15

perscription copay deductible?

Yes copays for prescriptions paid by you are deductible as a medical expense in itemized deductions. You can only deduct the amount of medical expenses in excess of 7.5% of your AGI. You may get a tax benefit if the total of all your itemized deductions is more than the standard deduction. 

 

See this for what is included in itemized deductions: https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/what-are-itemized-tax-deductions/L1p...

 

Here are the standard deductions for 2019:

Single - $12,200 add $1,600 if age 65 or older
Married Filing Separately - $12,200 add $1,600 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,600 if age 65 or older

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Level 13

perscription copay deductible?

Sure. They are a medical expense deduction if you itemize. But only an amount  of total medical expenses greater than 7.5 percent of your AGI can be deducted. 

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