Can out of pocket prescription drugs be deducted on your income taxes?

Yes, what is spent out of pocket of their money on their prescription drugs is a deduction as a medical expense.

Out-of-pocket costs for prescription drugs are deductible as medical expenses if you itemize your deductions. However, you can only deduct medical expenses that exceed &.5% of your adjusted gross income. This threshhold can be hard to meet and requires meticulous recordkeeping.

Correction: There is a typo in my response. The threshhold for deducting medical expenses is 7.5% of adjusted gross income.

The cost of long term care paid out of pocket is deductible?

There is something on this site about taxes. I know in my case, we actually count my mom as a dependant and put her medical expenses that we pay on our taxes. Her medical expenses with our own meets the 7.5%. My mom gets social security but do not count it as income because we are not required to. But my mom lives with me and we provide all of her care past what her money does not cover.

So search on this website there was information on it. Also you might want to consider using Turbotax software it walks you through everything. We care for my mom, have a business, and I work from home, Turbotax works great.

Thank you.

Hello Gethelpsoon and elderlies101. The articles below may be what dkjellander was speaking of. I hope they can provide the answers you need.

https://www.agingcare.com/articles/medical-expenses-tax-deductions-148730.htm

The AgingCare.com Team

Yes they can, but you have to keep good records of all medical expenses to meet the requirement. To meet these, I keep track of all mileage to/from doctor's appts., hospitals, pharmacies, labs, etc. It all adds up eventually.

Yes. All the medical/dental spending has to exceed 7.5% of your AGI for it to be deducted on Schedule A, line 1.