Follow
Share
This question has been closed for answers. Ask a New Question.
Yes, what is spent out of pocket of their money on their prescription drugs is a deduction as a medical expense.
Helpful Answer (1)
Report

Out-of-pocket costs for prescription drugs are deductible as medical expenses if you itemize your deductions. However, you can only deduct medical expenses that exceed &.5% of your adjusted gross income. This threshhold can be hard to meet and requires meticulous recordkeeping.
Helpful Answer (0)
Report

Correction: There is a typo in my response. The threshhold for deducting medical expenses is 7.5% of adjusted gross income.
Helpful Answer (0)
Report

The cost of long term care paid out of pocket is deductible?
Helpful Answer (0)
Report

There is something on this site about taxes. I know in my case, we actually count my mom as a dependant and put her medical expenses that we pay on our taxes. Her medical expenses with our own meets the 7.5%. My mom gets social security but do not count it as income because we are not required to. But my mom lives with me and we provide all of her care past what her money does not cover.

So search on this website there was information on it. Also you might want to consider using Turbotax software it walks you through everything. We care for my mom, have a business, and I work from home, Turbotax works great.
Helpful Answer (0)
Report

Thank you.
Helpful Answer (0)
Report

Hello Gethelpsoon and elderlies101. The articles below may be what dkjellander was speaking of. I hope they can provide the answers you need.

https://www.agingcare.com/articles/medical-expenses-tax-deductions-148730.htm

The AgingCare.com Team
Helpful Answer (0)
Report

Yes they can, but you have to keep good records of all medical expenses to meet the requirement. To meet these, I keep track of all mileage to/from doctor's appts., hospitals, pharmacies, labs, etc. It all adds up eventually.
Helpful Answer (0)
Report

Yes. All the medical/dental spending has to exceed 7.5% of your AGI for it to be deducted on Schedule A, line 1.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter