If a foundation helps me with my Rx co-pay, Do I have to report that money to the IRS? and Can I claim the payment as out-of pocket expense as a deduction on my taxes?

Forum|Forum|7 years ago
June 6, 2019
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my Rx is Lonsurf, a chemotherapy drug.

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Best answer by AmyT

Unless you have received a 1099 or other form from the foundation, the assistance you received is considered to be a gift and is not included on your tax return.

You are not, however, able to claim the amounts paid on your behalf by someone else as an expense deduction (unless the payments are considered to be income - see above). You can claim the amount that you paid out-of-pocket. Please note that medical expenses are only deductible as itemized deductions, and then only to the extent that they exceed 10% of your AGI (7.5% if you were born before January 2, 1952).

A

AmyTAnswer

Employee

Unless you have received a 1099 or other form from the foundation, the assistance you received is considered to be a gift and is not included on your tax return.

You are not, however, able to claim the amounts paid on your behalf by someone else as an expense deduction (unless the payments are considered to be income - see above). You can claim the amount that you paid out-of-pocket. Please note that medical expenses are only deductible as itemized deductions, and then only to the extent that they exceed 10% of your AGI (7.5% if you were born before January 2, 1952).