However, the FAQs are an attempt to make the information more accessible as part of the National Strategy on Hunger, Nutrition, and Health. This information has long been available, tucked inside the Tax Code and various IRS publications. This is noteworthy since, except for the cost of insulin, the cost of a drug or product that isn't prescribed by a physician is not a medical expense that is deductible under section 213-making this category a bit of a break from the norm. Menstrual care products and nonprescription (over-the-counter) drugs and medicines may also be covered. If there is no such “normal” equivalent, however, the entire cost of the product is deductible. In other words, you cannot deduct the cost of all of your special food-you can only deduct the difference between the cost of your special food and your “normal” food. So, for example, if you buy special flour that costs $7/bag because of Celiac disease and regular flour is $5/bag, you can only include the difference ($2) for purposes of calculating the deduction. The amount you can deduct as a medical expense is limited to the amount by which the cost of the special food exceeds the cost of a normal diet ( Flemming v. I've written about these particular expenses before-and math is involved. If any of the three requirements are not met, the cost of food or beverages is not a medical expense. The need for the food or drink is substantiated by a physician.The food or beverage alleviates or treats an illness.The food or beverage doesn't satisfy routine nutritional needs.Specifically, the cost of food or beverages purchased for weight loss or other health reasons may be covered if: Some expenses get a bit of an explanation. Cost of exercise for the improvement of general health, such as swimming or dancing lessons.One type of expenses gets an outright no: Nutritional supplements-if the supplements are recommended by a medical practitioner as treatment for a specific medical condition diagnosed by a physician.Gym membership-if it's for the sole purpose of affecting a structure or function of the body, such as a prescribed plan for physical therapy to treat an injury, or treating a specific disease such as obesity, high blood pressure, or heart disease diagnosed by a physician.Weight-loss program-if the program treats a specific disease diagnosed by a physician, such as obesity, diabetes, hypertension, or heart disease.Nutritional counseling-if the nutritional counseling treats a specific disease, such as obesity or diabetes, diagnosed by a physician. Therapy-if the therapy is a treatment for a disease, including a diagnosed mental illness (the FAQs distinguish that marital counseling would not qualify).The FAQs also note that some costs associated with the following expenses are covered-with a caveat: Program to treat a substance or alcohol abuse disorder.That means, as outlined in the FAQs that the costs associated with the following expenses are covered:
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |