Hi. I was wondering if I can get a deduction on my medicine prescription? I pay $48 a month on 4 prescriptions out of my pocket.

[GiseleD · Accepted solution]

You can deduct out-of-pocket medical expenses, subject to certain limitations. Generally, you can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 7.5% of your adjusted gross income (AGI). More information about other deductible medical expenses can be found IRS Publication 502 (Medical and Dental Expenses).

For it to be worthwhile for you to take the itemized deduction versus the standard deduction, your itemizable expenses must exceed your standard deduction. Below are the standard deduction amounts for 2019 for most taxpayers:

• The standard deduction for married filing jointly rises to $24,400 for tax year 2019, up $400 from the prior year.
• For single taxpayers and married individuals filing separately, the standard deduction rises to $12,200 for 2019, up $200 
• For heads of households, the standard deduction will be $18,350 for tax year 2019, up $350.