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June 1, 2019
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Can I claim prescriptions for medicine prescribed that I have to pay for that my insurance does not cover. I have Medicare part A and part B. I do not have part D

  • June 1, 2019
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Best answer by Howard1948

Most prescription medications qualify for the medical expense deduction which is part of your itemized deductions on Schedule A.

Deductions such as medical expenses, charitable contributions, mortgage interest, property taxes, state and local income or sales taxes and others are what is known as “itemized deductions”.  You can see a more complete list of all these deductions, at least the most common, by looking at Schedule A of Form 1040.  They are used to reduce your taxable income.  The total of all your itemized deductions must exceed your standard deduction to be of any tax benefit.  Anyone filing a Federal income tax return (other than children under the age of 24 with unearned income) is entitled to the standard deduction.  The standard deduction for 2016 is $6,300 Single and $12,600 Married Filing Jointly.


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Employee
June 1, 2019

Most prescription medications qualify for the medical expense deduction which is part of your itemized deductions on Schedule A.

Deductions such as medical expenses, charitable contributions, mortgage interest, property taxes, state and local income or sales taxes and others are what is known as “itemized deductions”.  You can see a more complete list of all these deductions, at least the most common, by looking at Schedule A of Form 1040.  They are used to reduce your taxable income.  The total of all your itemized deductions must exceed your standard deduction to be of any tax benefit.  Anyone filing a Federal income tax return (other than children under the age of 24 with unearned income) is entitled to the standard deduction.  The standard deduction for 2016 is $6,300 Single and $12,600 Married Filing Jointly.