Yes. If you are taking the itemized deduction for NM, you can include both Medicare Part B cost and your prescription medications. The percentage of your total medical costs that are deductible is based on your income and filing status. See page PIT-1-28 for details.
b. Prescribed drugs or insulin, and oxygen. A “prescribed drug” is a drug or biologically active substance for use in or on humans that requires a prescription or administration by a person licensed to do so. Costs for over-the-counter drugs are not eligible. Prescribed drugs for animals are not eligible;
d. Insurance covering medical care, including amounts you paid as premiums under part B of Title XVIII of the Social Security Act (Medicare) or for a qualified long-term care insurance contract defined in Section 7702B (b) of the Internal Revenue Code, if the insurance or other amount is income for the tax year Instructions for PIT-1 2024
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