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Posted by boostm3 on March 10, 2008, 10:57 am
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I know that drugs prescribed by a doctor are deductible. But there
are many Supplements that doctors will often advise a patient to take
for a specific condition that do not require a prescription to
obtain.
Why should a medication that requires a prescription to obtain be
'more deductible' than a medication that is available over the
counter?
Thats a bit of a rhetorical question, but making it more specific, can
a case be made in support of deducting the annual cost of a specific
medication that is advised for a patient to take on an ongoing basis,
by a doctor, for a specific condition, that is available over the
counter ?
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Posted by Phil Marti on March 10, 2008, 11:46 am
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"boostm3" wrote:
> Thats a bit of a rhetorical question, but making it more specific, can
> a case be made in support of deducting the annual cost of a specific
> medication that is advised for a patient to take on an ongoing basis,
> by a doctor, for a specific condition, that is available over the
> counter ?
No. The law requires that the substance can't be obtained OTC.
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Phil Marti
Clarksburg, MD
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Posted by Kurt Ullman on March 10, 2008, 1:16 pm
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> "boostm3" wrote:
>
> > Thats a bit of a rhetorical question, but making it more specific, can
> > a case be made in support of deducting the annual cost of a specific
> > medication that is advised for a patient to take on an ongoing basis,
> > by a doctor, for a specific condition, that is available over the
> > counter ?
>
> No. The law requires that the substance can't be obtained OTC.
>
>
OTC can be paid for through Health Savings Accounts and the
accounts where you put a little money away with your employer and it is
forfeited at the end of the year and whose name currently escapes me.
I know this isn't what the OP asked, but it might be an option to
consider this year or next.
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by removeps-groups@yahoo.com on March 10, 2008, 2:22 pm
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> OTC can be paid for through Health Savings Accounts and the
> accounts where you put a little money away with your employer and it is
> forfeited at the end of the year and whose name currently escapes me.
The name is "FSA - Flexible Spending Account".
It is rather strange that you can pay for OTC drgs with FSA, but can't
deduct them on Schedule A. The FSA form might ask for a letter from
your doctor stating that you need this OTC medicine, though I'm not
sure if this is required by law.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by Kurt Ullman on March 10, 2008, 4:00 pm
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>
> > OTC can be paid for through Health Savings Accounts and the
> > accounts where you put a little money away with your employer and it is
> > forfeited at the end of the year and whose name currently escapes me.
>
> The name is "FSA - Flexible Spending Account".
>
> It is rather strange that you can pay for OTC drgs with FSA, but can't
> deduct them on Schedule A. The FSA form might ask for a letter from
> your doctor stating that you need this OTC medicine, though I'm not
> sure if this is required by law.
Can't say for sure with the FSA (thanks for the reminder), but my HSA
manual says OTC can be reimbursed, period. Maybe I should use that
ability to buy some Ginko for my memory (g).
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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<< Copyright (2007) - All rights reserved. >>
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