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April 2, 2023
Question

I take medication for my ADHD which was roughly 68 a month after insurance. Is this something I need to include?

  • April 2, 2023
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2 replies

Employee
April 2, 2023

Out of pocket prescription medicine costs can be entered as a medical expense.

 

 

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2022—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

 

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

 

 

2022 STANDARD DEDUCTION AMOUNTS

 

SINGLE $12,950  (65 or older + $1750)

 

MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

 

MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

 

HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

 

Legally Blind + $1750

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
April 2, 2023

No, you do not need to include the cost of your medication. Most people use the standard deduction. You would only need to enter this if you had other itemizing expenses like many medical bills, high mortgage interest, and property taxes.

 

As xmasbaby0 listed the standard deduction amounts in the previous post and explained the threshold before your medical expenses count towards a deduction.

 

@rewill2019 

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