can we use prescription expense on our taxes?

Question

im on long term disability and was wondering if i can use my expense that i have done over the year for prescription its not much around 800 dollars but that a lot for my income currently living my husbands income until got help with long term disablity.

Answer 1

You can not only use your prescription expenses, you can also use expenses you paid to the doctor, denist, hospitals, labs, medical equipment and supplies, insurance costs, milage to the doctor (10 cents per mile) as long as all these expenses equal to 7.5 percent of your adjusted gross income. You will have to itemize these deductions and you only want to do that if your itemized deductions are greater than your standard deduction. Here is a list of other things you can include in your itemized deductions: Medical, dental, prescription drugs, and other health care costs,
State and local income taxes or state and local sales taxes,
Real estate (property) taxes,
Personal property taxes (such as motor vehicle registration fees),
Interest paid on a home mortgage,
Interest paid on investments (such as margin interest),
Cash contributions to charities and churches,
The fair market value of non-cash contributions to charities and churches,
Personal losses because of theft or casualty,
Job-related expenses that your employer did not reimburse you for,
Union dues,
Cost of purchasing or cleaning uniforms,
Job-related education,
Job-related travel,
The cost of your home office,
Tax preparation fees,
Investment expenses (such as IRA custodian fees, or annual brokerage fees)
Safe deposit box fees,
Gambling losses (only to the extent of gambling winnings).

So if you think these things will equal to more than your standard deduction then you should definately do it. Good luck.

Answer 2

Yes, you can if it's beneficial. Assuming since you said you were married, that you'll file jointly with your husband. The standard deduction for married filing jointly is $10,300 for 2006. You can decide to itemize your deductions on a Schedule A. Schedule A includes various items you pay for throughout the year:
Medical and dental expenses (must be 7.5% of your adjusted gross income to take those)
Home mortgage interest
Property taxes on your home and cars
State and local taxes withheld
Contributions to charity and church
Job expenses (subject to 2.5% limitation)
If all of these expenses are over $10,300, then use the Schedule A. Otherwise it's more advantageous to take the standard deduction.

Answer 3

You can deduct prescriptions as a medical expense. Add up all your medical expenses, including the prescriptions. You can only take a deduction for medical expenses that are over 7.5% of your income though, and then only if your total itemized deductions are higher than your standard deduction.

Answer 4

in case you itemize your deductions on form 1040, time table A, you're in a position to deduct expenses you paid that 12 months for medical care (inclusive of dental). medical care expenses comprise money for the diagnosis, treatment, mitigation, therapy, or prevention of ailment, or therapy affecting any shape or functionality of the physique. the fee of drugs is deductible purely for drugs that require a prescription, different than for insulin. medical expenses might comprise costs paid to docs, dentists, surgeons, chiropractors, psychiatrists, psychologists, and Christian technological know-how practitioners. additionally coated are money for wellness midsection facilities, qualified long-term care facilities, nursing facilities, and laboratory costs. you may deduct transportation expenses extensively speaking for and needed to medical care that qualify as medical expenses. the definitely fare for a taxi, bus, prepare, or ambulance could be deducted. in case you utilize your motor vehicle for medical transportation, you may deduct definitely out-of-pocket expenses which includes gasoline and oil, or you may deduct the regularly occurring mileage fee for medical expenses. With the two technique you may comprise tolls and parking costs. you may comprise in medical expenses the incidental fee of nutrients and lodging charged via a wellness midsection or comparable corporation in the experience that your critical clarification for being there is to get carry of medical care.

Answer 5

You can deduct all of your "out of pocket" medical expenses if it is above a certain percentage of your income...if it doesn't reach that percentage...it's a bust

Answer 6

Yes of course you Can..and $800.00 is not very much.