Stop Right There: Don't make a
claim unless you know the facts. There are plenty of rumors swirling
around about what you can and cannot claim as medical deductions. But
the IRS's official list in Publication 502 says otherwise. Watch out,
don't fall for the myths and get into trouble.
You can include ALL of your insurance
premiums in your medical deductions.
Wrong. The IRS actually has a list of
insurance premiums that you cannot include as medical deductions. These
include:
- Life insurance policies
- Policies providing payment for
loss of earnings
- Policies for loss of life, limb,
sight, etc
- Policies that pay you a guaranteed
amount each if you are hospitalized for sickness or injury
- Health or long-term care insurance
if you elected to pay these premiums with tax-free distributions
- The part of your car insurance
premiums that provides medical insurance coverage for all persons
injured in or by your car because the part of the premium for you,
your spouse, and your dependents is not stated separately from the
part of the premium for medical care for others
You can include your Weight-Loss
Program in your medical deductions.
Wrong again! You can ONLY include a
weight-loss program in your medical deductions if the program is vital
and you have a serious medical illness. This includes issues like
obesity and heart disease. But remember, even if you do qualify to use
your weight-loss program as a deduction, you cannot include membership
dues in a gym, health club, or spa as medical expenses. You can only
include separate fees charged at the gym or health club for weight loss
activities.
You Can Include Cosmetic Medical
Procedures in your Medical Deductions.
No. This is almost never true. You
cannot include procedures like teeth whitening, plastic surgery, or hair
removal in your medical deductions. Some people think you can claim
things because they may help your overall health, but you cannot claim
ANYTHING that is better for your overall health. (Like Vitamins, Herbal
Supplements, and Vacations!) However, if the cosmetic surgery is to help
repair disfigurement from birth defects or injuries, you may be able to
claim the procedure as a medical deduction.
Fair Warning: If you claim a
medical deduction that is not considered to be appropriate, the IRS may
label it as Tax Fraud. Tax Fraud is a crime that carries civil penalties
and criminal charges. So don't try to get creative on your Tax Returns!
Now You Have The Smoking Gun...Use
it!
