Miss_EttiKit
Journeyman
Reged: 11/24/03
Posts: 68
Loc: Texas
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I sure hope I don't get in trouble for this, but I honestly don't know, so I'm putting this question out to all DB members.
Do you - or should you - declare your online pharmacy purchases (and doctor consults) as a medical deduction on your income tax return?
Thanks for any input you may have.
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"Ignorance in action is terrifying to behold!"
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night_shade
Threadhead
Reged: 08/26/03
Posts: 907
Loc: The State of Hockey
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Yes, they count under medical expenses if you file a form 1040. Only count US OP expenses, though, (including shipping, meds and consult)...IOP purchases are technically against the law. You only have to provide receipts if you are audited. (And even then it is an acceptable medical expense.)
The problem with deducting medical expenses is that they have to equal 7% of your income to be deductible and are only deductible if you itemize deductions.
Hope that helps.
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Never underestimate the predictability of stupidity.
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537
Threadhead
Reged: 12/08/01
Posts: 761
Loc: west coast CA
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I was wondering the same thing. Basically, my husband audited me (  ) and was questioning whether these purchases were tax deductible. My reasoning was the same as your. So, thank you!
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drewsmerdel
Pooh-Bah
Reged: 12/14/01
Posts: 1137
Loc: Nap Town
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I own my own business and have never had a problem deducting OP puchases. My accountant loves me when I give her a stack of online bills for norco and alprazolam, her comment is usually "hay gotta get what ever you can, cause your uncle sam is trying to take as much as he can".
I would check and make sure that it is acceptable if you already have insurance(as I dont), and I thought you had to be self employed to deduct med bills, but its been years since I had to fill out a 1040.
Drew
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Are you hungry?
Are you sick?
Are you begging for a break?
Are you sweet?
Are you fresh?
Are you strung up by the wrists?
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537
Threadhead
Reged: 12/08/01
Posts: 761
Loc: west coast CA
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No, I'm pretty sure you don't have to be self-employed to take a medical deduction, but it can only be whatever amount goes over 7% of you income. A few years back, my husband and I went through a very "manic medical" year. He broke his arm, arm wrestling, I had a baby, had a diagnosed kidney disorder and had my gall bladder out. We hit the mark, but because of the 7% thing, only about 400$ was deducted. Oh well, at least it was something.
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night_shade
Threadhead
Reged: 08/26/03
Posts: 907
Loc: The State of Hockey
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You don't have to be self-employed. Self-employed people generally get better tax breaks from itemizing deductions, whereas people with health insurance and employers who pay half their Social Security taxes generally do better with the standard deductions.
But there is no way of getting the OP expenses without without itemizing deductions using form 1040 and its adherent schedules. But every penny of United States OP fees and costs is potentially deductible ONLY if your total medical expenses EXCEED 7% of your income (you cannot include health insurance premiums unless you are self-employed!!!)
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Never underestimate the predictability of stupidity.
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IMSUSCOT1
Threadhead
Reged: 10/23/02
Posts: 869
Loc: usa
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Your absolutely right! Read OP's not IOP purchases...and don't forget, you may include in medical expenses, milage to & from Doctor, dentist, physical therapy appts...etc..etc...get out those receipts shoppers
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Sweetz
Diamond Mind
Reged: 05/11/02
Posts: 764
Loc: Texas!
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Very good Night Shade! Sounds just like an accounting person! Are you hiding something from us? Hehe, I was going to look up the specifics and post them (since I haven't done tax in a while), but you've already taken care of it. U sure you're not in accounting??
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"If you choose not to decide you still have made a choice."
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night_shade
Threadhead
Reged: 08/26/03
Posts: 907
Loc: The State of Hockey
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Uh oh- I was found out! Actually, I ran my ex's construction company for 7 years. Employees, licensing, taxes, the works. Have also done taxes for family and friends since then, too. Self-employment is god-awful expensive!
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Never underestimate the predictability of stupidity.
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