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    6 Replies Latest reply on May 12, 2008 12:24 PM by lowdose

    What medical expenses are deductible?

    lowdose Wayfarer
      I was asked this by a 1099 I have contracted: Are any out-of-pocket expenses like prescription or visit co-pays deductible?
        • Re: What medical expenses are deductible?
          Lighthouse24 Ranger

          If the person is itemizing his/her deductions on Schedule A, then in general, yes. For details, see:
          http://www.irs.gov/taxtopics/tc502.html

           


          Does that address what you were asking?
          • Re: What medical expenses are deductible?
            LUCKIEST Guide
            <table class="jive-wiki-table">
            <tr>
            <td>What medical expenses are deductible?</td>
            </tr>
            <tr>
            <td>http://images.freeadvice.com/images_freeadvice/hr-dotted400.gif</td>
            </tr>
            <tr>
            <td>Medical expenses are
            deductible only to the extent they (1) exceed 7.5% of the taxpayer's
            adjusted gross income, and (2) are not compensated for by insurance or
            otherwise.

            Medicine and drugs are included as medical expenses
            only if they are a prescribed drug or insulin. Medical expenses include
            health insurance costs, transportation primarily for and essential to
            medical care, and expenses for the diagnosis, care, mitigation,
            treatment or prevention of disease. In addition, certain long-term care
            insurance premiums are included. Medical expenses for dependents under
            age 21 and one's spouse are also allowable.
            </td>
            </tr>
            </table>

            • Re: What medical expenses are deductible?
              LUCKIEST Guide
              <table class="jive-wiki-table">
              <tr>
              <td>What medical expenses are deductible?</td>
              </tr>
              <tr>
              <td>http://images.freeadvice.com/images_freeadvice/hr-dotted400.gif</td>
              </tr>
              <tr>
              <td>Medical expenses are
              deductible only to the extent they (1) exceed 7.5% of the taxpayer's
              adjusted gross income, and (2) are not compensated for by insurance or
              otherwise.

              Medicine and drugs are included as medical expenses
              only if they are a prescribed drug or insulin. Medical expenses include
              health insurance costs, transportation primarily for and essential to
              medical care, and expenses for the diagnosis, care, mitigation,
              treatment or prevention of disease. In addition, certain long-term care
              insurance premiums are included. Medical expenses for dependents under
              age 21 and one's spouse are also allowable.
              </td>
              </tr>
              </table>

              • Re: What medical expenses are deductible?
                LUCKIEST Guide
                If you itemize your deductions on Form 1040, Schedule A ,
                you may be able to deduct expenses
                you paid that year for medical care (including
                dental) for yourself, your spouse, and your dependents.
                A deduction is allowed
                only for expenses paid for the prevention or alleviation of a physical or
                mental
                defect or illness. Medical care expenses include payments for the diagnosis,
                cure, mitigation, treatment,
                or prevention of disease, or treatment affecting
                any structure or function of the body.
                The cost of drugs is deductible only
                for drugs that require a prescription, except for insulin.
                LUCKIEST
                • Re: What medical expenses are deductible?
                  pr0fuse Newbie
                  Actually your medical expenses are not a business expense unless you have your position in the company stated correctly and the paperwork to go with it. See http://www.residualwealth.net/taxdeductio
                  ns.php
                  • Re: What medical expenses are deductible?
                    lowdose Wayfarer
                    Thanks for the help everyone!