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Financial Planning / Tax Strategies
|Subject: Re: Is this Legit.?||Date: 2/11/2006 9:29 PM|
|Author: Patzer||Number: 83831 of 121223|
If it's required for a specific medical condition and prescribed by a doctor, it may be deductible. However, even if it meets these requirements, it is just lumped together with other medical deductions. The total of all medical deductions must exceed 7.5% of AGI before $1 is deductible and the taxpayer must also itemize deductions before there is any tax benefit.
This may be another one of those situations (like investment expesnes) where people think "oh, it's deductible" but there's no impact on the tax return.
However, the same rules apply for getting reimbursement from a medical flex-spending account. If you have a condition like this, and you can plan the expenditure far enough in advance that you can put money in a flex spending account for it, you can grab the tax benefit.
I've never figured out the logic behind the medical flex-spending account. It seems to me it's more a tax benefit for having a stable, predictable life than a tax benefit for medical costs.
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