How to Claim Prescriptions On Your Taxes
- 1). Fill in line 1 on the IRS Form 1040 Schedule A (see Resources). This amount will be the claimable medical expenses allowed. Because prescription drugs fall into the medical expenses category, include all medical expenses on this line, not just prescription drugs.
- 2). Write in line 2 the figure form IRS Form 1040 line 38, your adjusted gross income.
- 3). Multiply your adjusted gross income by 7.5 percent. On a calculator, enter the adjusted gross income and multiply by 0.075. Fill in line 3 with the amount shown.
- 4). Subtract the amount entered in line 3 from the amount in line 1. If there is an amount left over, write this figure in line 4. This will be the deductible amount over and above the 7.5 percent the IRS allows you to claim. If there is nothing left over, write "0" in the line.
- 5). Fill out the remainder of the Schedule A for any other deductions you might claim that are not medical related, then take the information to a qualified tax professional to verify your figures.
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