Taxes and Medical expenses

[dreamin_disney]

Can you claim over the counter meds on your taxes? I know on the flex acct you need a rx from your dr for over the counter meds to be deducted but i wasnt sure if its also need for regular irs taxes.

another question for those that claim medical. I know i can claim what i've already been reinbursed from my flex acct. My flex was for $2400 and maxed out. Now I still have dh's monthly medical/dental insur and some accupunture that come to $5800 plus more if we can claim over the counter cough meds

I have everything documented by date. I have all the reciepts. Whats the best way to keep records incase we ever get audit.

do i do all categories by date or by medical, dental, rx's or my indivual family member? Thanks for any tips

 

[indimom]

Can you claim over the counter meds on your taxes? I know on the flex acct you need a rx from your dr for over the counter meds to be deducted but i wasnt sure if its also need for regular irs taxes.

another question for those that claim medical. I know i can claim what i've already been reinbursed from my flex acct. My flex was for $2400 and maxed out. Now I still have dh's monthly medical/dental insur and some accupunture that come to $5800 plus more if we can claim over the counter cough meds

I have everything documented by date. I have all the reciepts. Whats the best way to keep records incase we ever get audit.

do i do all categories by date or by medical, dental, rx's or my indivual family member? Thanks for any tips

This is my understanding of the tax laws regarding medical deductions. I do not have a degree or any expertise in this area, so take it for what it's worth:

1. No, you cannot deduct non-prescription meds.
2. You cannot claim what you were reimbused from an FSA because it is already pretax money.
3. Acupuncture is deductible at least for some conditions (I'm not sure what specifically).
4. As long as you have the receipts/records, I don't think it matters "how" you keep the records.
5. Don't forget mileage and parking costs for medical visits, that can add up also.

One other bit of information. Until Dec. 31, 2012, you can deduct any medical expenses over 7.5% of your gross adjusted income. After that date, it will be 10% of your adjusted gross. (I just checked online about this because I was hearing both percentages.)

If you go to irs.gov they have a pretty detailed explanation of what can and cannot be deducted on your taxes. Most of it is in plain English.
Hope this helps.

 

[tms295psu]

Also, NOT a tax professional...

You can't claim health or Dental insurance PREMIUMS if they are part of your "Group/Employer" coverage. ie... My employer deducts x amount of dollars per week that I can't claim on my taxes.

 

[chalee94]

I know i can claim what i've already been reinbursed from my flex acct.

when you put money in the flex account - your salary is reduced at that point. you are not paying taxes on the money in your flex acct.

if you have been deducting those amounts again on your tax forms, you should probably expect a letter from the IRS (or ideally, you should file amended returns if you are honest.)

I still have dh's monthly medical/dental insurance.

if you are paying these through an employer program, they are not deductible on your tax forms.

Can you claim over the counter meds on your taxes?

the other poster is correct: you can deduct only medical and dental payments that 1) you have paid directly and not been reimbursed for, and 2) that exceed 7.5% of your adjusted gross income on your tax form.

so if your AGI is $100,000 for 2011 and you paid $8000 in non-reimbursed medical/dental payments (that were not employer-related), then you can deduct $500 of that on schedule A, line 4. OTC meds are non-deductible in any case.

http://www.irs.gov/taxtopics/tc502.html

 

[jmartinez1895]

I had to call the IRS last year because we have very high medical expenses. The agent I spoke to told me that you can claim OTC meds if they are for a specific condition. One example would be vitamins. The multi vitamin that I give to my son for his over all health would not count, but the B2 that he takes to help with migraines would.
If you buy aspirin to have in case of a headache it would not count, but if you doctor told you to take aspirin for your heart then that would count.
I hope that this helps you some.

 

[dreamin_disney]

when you put money in the flex account - your salary is reduced at that point. you are not paying taxes on the money in your flex acct.

if you have been deducting those amounts again on your tax forms, you should probably expect a letter from the IRS (or ideally, you should file amended returns if you are honest.)

the other poster is correct: you can deduct only medical and dental payments that 1) you have paid directly and not been reimbursed for, and 2) that exceed 7.5% of your adjusted gross income on your tax form.

so if your AGI is $100,000 for 2011 and you paid $8000 in non-reimbursed medical/dental payments (that were not employer-related), then you can deduct $500 of that on schedule A, line 4. OTC meds are non-deductible in any case.

http://www.irs.gov/taxtopics/tc502.html

I dont re claim the fsa . I keep two sepreate records one for FSA medical cost and a 2nd for the other medical cost i didnt claim on fsa because i maxed out


Thanks everyone for the info