can we use prescription expense on our taxes?
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.
Asked By: Victor R - 2/17/2007
Best Answer - Chosen by Asker
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... More
Answered By: Nette - 2/17/2007
Additional Answers (4)
Yes of course you Can..and $800.00 is not very much.
Answered By: summerdaze - 2/17/2007
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
Answered By: phillyvic - 2/17/2007
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... More
Answered By: Fool in the Rain - 2/17/2007
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.
Answered By: Judy - 2/17/2007
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