What kind of medicines can you deduct? Any prescription medicine are deductible. Insulin is also deductible. Other NON-prescription meds are NOT deductible.
What about medical equipment and supplies? Prescription eyeglasses and contact lenses are deductible. Other medical equipment such as false teeth, hearing aids, crutches, wheelchairs, and guide dogs for the blind or deaf are deductible.
What about doctor, dentist, hospital, laboratory bills? All deductible as long as they were paid by the taxpayer and NOT reimbursed!
What about medical insurance premiums? If the taxpayer paid them out of post-tax income, they are deductible. (Most people do NOT pay their own insurance bills. Employer paid premiums are not deductible!)
More details below:
IMPORTANT: Medical deduction is limited to amount OVER 7.5% of AGI
A deduction is allowed only for expenses primarily 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. These expenses include payments for legal medical services rendered by any medical practitioner and the cost of equipment, supplies, and diagnostic devices used for medical care purposes.
Medical expenses include insurance premiums paid for medical care or qualified long-term care insurance. The deduction for a qualified long-term care insurance policy's premium is limited. If you are self-employed and have a net profit for the year, you may be able to deduct (as an adjustment to income) amounts paid for medical insurance for yourself and your spouse and dependents. You cannot take this deduction for any month in which you eligible to participate in any subsidized health plan maintained by your employer or your spouse's employer. If you do not claim 100 percent of you self-employed health insurance deduction, you can include the remaining premiums with your other medical expenses as an itemized deduction on Form 1040, Schedule A. You may not deduct insurance premiums paid by an employer-sponsored health insurance plan (cafeteria plan) unless the premiums are included in Box 1 of your Form W-2.
Medical expenses may include:
You may not deduct funeral or burial expenses, over-the-counter medicines, toothpaste, toiletries, cosmetics, a trip or program for the general improvement of your health, or most cosmetic surgery. You may not deduct amounts paid for nicotine gum and nicotine patches, which do not require a prescription