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New Member
posted Jul 29, 2020 1:20:41 PM

perscription copay deductible?

Hi

I am wondering if copays for prescriptions are deductible

0 2 519
2 Replies
Level 15
Jul 29, 2020 1:31:47 PM

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/L1peC8cg0#:~:text=Itemized%20deductions%20include%20a%20range,Common%20expenses%20include%3A&text=Medical%20and%20dental%20expenses%20that,Charitable%20donations

 

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

Level 15
Jul 29, 2020 1:34:12 PM

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.