Are prescriptions and medical co-pays tax deductible?

Answer 1

Most answers are correct. However, if you are in a job and your medical insurance premium is taken out of your check, you should be getting tax relief on that, so it is not deductible on Schedule A. The way to get relief for co-pays and the like (but not premiums) is to have a flexible spending account, if your employer offers one. You get money deducted from your paycheck and it is placed into an account for you. When you have medical expenses you can draw on it. It covers prescriptions, co-pays, deductibles and even certain OTC medicines.

The big downside is that you have to use all your contributions during the year, otherwise you lose them for good. You have until three months after the end of the year to submit claims.

If you pay for your own insurance and have a high deductible plan, you might consider a Health Savings Account to get relief.

Neither the Flexible Spending Account or the Health Savings Account is subject to the 7.5% floor.

Answer 2

Co Pays Tax Deductible

Answer 3

1

Answer 4

There are medical deductions however they have to amount to a certain percentage of your income. If you already have a flex spend account with tax free dollars the meds and co pays cannot be deducted because the money used was already exempt from tax. Check the IRS website for the rules on medical deductions.

Answer 5

You can take any out of pocket medical expenses if you have enough to Itemize your deductions (on a Schedule A form). You only itemize if you have enough items on that form to get above the standard deduction for your filing status. The kinds of things that go on a Schedule A are: out of pocket medical and dental expenses (must be 7.5% of your income) home mortgage interest, property taxes, sales tax, excise tax paid on vehicles, contributions to church or charity, job expenses. Check the IRS website to see what the standard deduction is for your filing status. www.irs.gov

Answer 6

Any medical related expense is tax deductible, so yes.

Answer 7

7.5% maxium deduction if you itemized on your income tax. If you use a standard deduction at the end of the year, no.

Answer 8

It depends on whether or not you paid tax on your premium dollars. The government gets their money either on the front end (taxed premium) or the back end (on the co-pay), but they do get it.

Answer 9

Only if above 7.5% of gross income & you have enough other schedule A deductions.

Answer 10

If you itemize they are, but if you just take the standard deduction you won't be able to use it.