Tax Deductible!

 Did anyone know that you can save your receipts for any protein, vitamins, or medication that you purchase for medical necessary per your doctor is tax deductible? I just found that out and thought it was great info to have!  

I don't file taxes but it's great to know if I ever do that I can claim those things...I am close to you. If you want to be friends just send me a request..There is another girl I met here who lives in Germany who is moving to Ft. Campbell in July. She wants a revision from lap band to something I think. She wants info on a good surgeon down that way. I went to Nashville so I don't know what to tell her.

Tracy

My surgeon is amazing!  He gets out of the Army this week but will be in Clarksville, TN at a practice there.  So I hoping to be able to still do my follow ups with him.  I don't know anything about the other 2 surgeons on base here though.  I will add you here in a min :)

I was going to go to Gateway hospital for my surgery too but my insurance didn't cover there. It would have been closer for me but I had a good surgeon. I was really impressed with him. I will go approve your request now.

Tracy

That is amazing information!  I've always saved my prescription receipts, but never thought about protein and vitamins!  Thanks so much for posting this.

If you wish to deduct those costs (above the 7.5% amount, of course), you will want to have a letter or prescription from your surgeon (for your files) as proof that they are medically necessary in case you get audited.

Lora

Medical expenses must exceed 7.5% of your income in order to be tax deductible, I believe.  Sorry to rain on the parade. 

 

4. Health insurance premiums

Any health insurance premiums you pay, including some long-term-care premiums based on your age, are potentially deductible. But you have to add these to your medical expense pot. Medical expenses have to exceed 7.5% of your adjusted gross income (AGI) before they give you any tax benefit.

If you're self-employed and not covered by an employer-paid plan, though, you can deduct 100% your health insurance premiums (to the extent of your net income) "above the line." Above the line means the expense is included in adjusted gross income and doesn't get lumped in with itemized deductions. Not only do you not have to exceed the 7.5% floor, you don't even have to itemize.

So it's saying that it has to be above that to give you any benefit.  But if you don't have income or very little income, it should help some :)  You didn't rain on my parade.. I don't make much so it will benefit me :)

Even if you only made $10,000 per year, though, you would only be able to deduct whatever you spent that was ABOVE $750.  Even when I was first post-op I didn't spend much more than that on vitamins and protein powders.

Lora

If you work for a company that has a FSA or HSA, you can usually get a medical justification form to put those kinds of things through the FSA account. It means you pay with tax-free dollars that you allocate in advance. Usually the first couple sumbitions can be pain, but they eventually figure it out. A lot can be eligible, such as nutrition visits, personal trainers, protein, vitamins, and other supplies.