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February 2, 2025
Question

What medical expenses can I deduct?

  • February 2, 2025
  • 3 replies
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Can I deduct prescriptions?

    3 replies

    Employee
    February 2, 2025

    https://turbotax.intuit.com/tax-tips/health-care/medical-expenses-checklist/L6MkxxlyW

     

     

     

    If you receive Social Security benefits, your Medicare is deducted from your SS.   When you enter the SSA1099 for your Social Security, the amount paid for Medicare flows automatically to the medical expense section of the software, so do not enter it again.

     

     

    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 2024—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

     

     

    2024 STANDARD DEDUCTION AMOUNTS

    SINGLE $14,600    (65 or older/legally blind + $1950)

    MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

    MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

    HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

     

    **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.**
    DoninGA
    Employee
    February 2, 2025

    Yes, prescriptions are a valid medical expense.  Go through the Medical Expenses section of the program and it ask for various types expenses that can be deducted.

     

    To enter your medical expenses -
    Click on Federal Taxes (Personal using Home and Business)
    Click on Deductions and Credits
    Click on I'll choose what I work on (if shown)
    Scroll down to Medical
    On Medical Expenses, click the start or update button

    February 2, 2025

    Yes, you can deduct prescriptions. Per IRS Publication 502, medical expenses are broadly defined as "the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body. "

     

    See this article for more information: Are Medical Expenses Tax Deductible?

     

    Note that in order to claim medical expenses you must itemize deductions and only the expenses over 7.5% of your AGI are deductible.