Business & Finance Taxes

How to Deduct Medical Expenses for Drug Treatment

By Business & Finance Last updated Saturday, June/15/2024

Calculate the Deduction

1). Calculate the total spent for a calendar year on drugs purchased with a doctor's prescription. Enter on line 1 of Schedule A with all other qualified medical expenses incurred for the year. Qualified medical expenses include the cost of insurance premiums, co-pays for doctor, dentist and hospital visits, and laboratory testing expenses.
2). Enter your adjusted gross income from Form 1040, line 38 on line 2 of Schedule A.
3). Multiply line 2 of Schedule A by 7.5 percent and enter on line 3 of Schedule A.
4). Subtract line 3 from line 1 on Schedule A and enter result on line 4 of Schedule A. This is the amount of medical expenses, including drug treatments, you are able to deduct. If line 3 is greater than line 1, you will not be allowed to deduct any medical expenses for the year.