Can condition insurance, prescriptions and medical bills be deduction on taxes?
Answers: Yes, but with the sole purpose if you itemize, and the deduction is only the amount of your total unreimbursed medical expenses minus 7.5% of your on the same wavelength gross income. And has already been said, if your insurance premiums are taken out pretax, you can't reduce by them since they've already been subtracted from your income.
Any health insurance you reward for is deductible. Prescriptions and medical bills have to exceed 7.5% of your gross adjusted income.
Not necessarily deductible but you should set up a flexible spending account. You can whip a little extra out of your check and put it onto your account minus being taxed. Then use the article to pay for your deductibles, co-pays, prescriptions, even over the counter items. Source(s): If you dont' know you'd better axe somebody!
If you are employed your portion is deductible in excess of 7.5% of your AGI (adjusted gross income).
If you are self employed you can reduce by all as business expense.
Yes. To the extent that the total exceeds 7.5% of your income and you itemize.
Note: Most health insurance paid through your employer comes out of your reimburse "Pretax" and is therefore not deductible.
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