Tax Time! Do You Deduct?

Its everyone’s favorite time of the year again, and I was just looking at my prescription records to see how much I’ve spent this year just on medications. I’ve never looked at these numbers before in aggregate and I am amazed. Before insurance, I spent $5580.15 on medications this year. Out of pocket I paid about $650.00 which I will be able to deduct as medical expenses. Of course, this does NOT include pump supplies, visits, etc. which I haven’t even looked into yet.

Does anybody else deduct medical expenses? Are you amazed at how much it costs to be a compliant diabetic? I certainly was…

You have to have a certain amount that you have spent specifically on your scrips and supplies. I always came up short, but I can’t for the life of me remember how high the dollar amount is but I do know it is in the thousands.

That’s a good point, you can only deduct the amount that exceeds 7.5% of your adjusted gross income. So, for someone making $40k/yr, they could only deduct the portion exceeding $3000. I’m sure some folks here could easily meet and exceed that requirement…

This is only my 2nd year filing, my dad usually does it, and I didnt save any documents on the amount I paid. I will be doing so this year though

I wish I could, but despite spending thousands on out-of-pocket medical expenses, it’s never enough to beat that 7.5%. Unfortunately, our tax system doesn’t factor in the cost of living when determining tax brackets. $80,000 is NYC is not so different from $30,000 in Mississippi.

I deduct medical expenses & it’s staggering & depressing to see the total! I shouldn’t, but it makes me think the fun we could have with that money (or pay down the credit cards).

Hi, Tim…Do you know if we can include/deduct the cost of medical insurance from our taxes? Thanks, Michou

You don’t have to save the documents. Just go to your pharmacy/doctor/endo or call your pump/supplies company (if you have one) and ask them for a printout of your expenses for taxes. They should know what you want and get it for you within minutes. This is what I do every year.

Also, if you use a medical spending account like I do, it is also pre-tax.

Thanks…

Thanks…