Prescription receipts

[empress of self-improvement]

My question is, my DH has MS so apparently most of his medical related stuff, like prescriptions and other items he uses towards his disease, are deductible. So sayeth my tax guy anyway. So, when it comes to prescription receipts, am I supposed to give up the multi-page paper attached to the bag or the register receipt when I have paid for it? I'm getting stuff together and I have a giant folder full of both and don't know if I actually NEED both. Thanks.

[taz157]

Either works. You may be able to get a Summary Report from the Pharmacy that will also have everything you need.

[dee27]

I print a summary of prescription charges from the website of my provider.

[TheOtherMe]

Summary report.  If you are going to provide all the receipts, total them up for your preparer

[alabamagal]

Pharmacy should be able to give you a summary, or if you have a pharmacy manager, like express scripts, you can usually find that information online. Pharmacy may request him to sign a waiver for you to get the info, PITA privacy stuff. I had this issue - I'm allowed to pick up every single med, but to get a report he had to do it?

And just an FYI, it only helps your taxes, if the expenses exceed 7.5% of your income and you have enough other deductions to itemize. My DH has several meds that total up to over $100 per month, but when I did the 7.5% realized we were never going to get there. Just think about how much that is before you go chasing down receipts and reports.

[empress of self-improvement]

I will ask at the pharmacy. Never thought of that. I have started doing up a spreadsheet listing all the receipts. It's going to take a while.  

We be poor so our income is not very high. It's not just prescriptions but multiple doctor copays and there was a hospital stay and a new wheelchair and other fun things.

[TheOtherMe]

Don't forget health insurance premiums.  You probably know that.

My health insurance premiums alone put me over the 7.5% for this year.  Won't matter next year as I won't be able to itemize.

[dee27]

Annually, I keep all med/dental/prescription receipts in a manila envelope until tax time. At year end, I run off a list of our prescriptions from the provider website. DH tallies any copays and totals the # of miles for office visits and enters all of these expenses into Excel. We pay all premiums by check and all dental procedures or prescriptions with a CC, so we have proof of our purchases before he enters them into Excel. Visits to the eye doctor, prescription eye glasses, medical equipment or hearing aids prescribed by DH's doctors as well as LTC premiums are also deductible. Every January 1st, we start a new file for these expenses. 

[Deleted]

Feb 12, 2018 11:43:35 GMT -5 alabamagal said:

Pharmacy should be able to give you a summary, or if you have a pharmacy manager, like express scripts, you can usually find that information online. Pharmacy may request him to sign a waiver for you to get the info, PITA privacy stuff. I had this issue - I'm allowed to pick up every single med, but to get a report he had to do it?

And just an FYI, it only helps your taxes, if the expenses exceed 7.5% of your income and you have enough other deductions to itemize. My DH has several meds that total up to over $100 per month, but when I did the 7.5% realized we were never going to get there. Just think about how much that is before you go chasing down receipts and reports.

This comment is for you, not the OP, but you may be able to itemize on your Alabama taxes.  It is only 4%, I believe, of your AGI.  Alabama doesn't tax SS income so that makes it easier for us.  

Even though we have a FSA, our additional medical expenses were so high ($9000) that I am now chasing down every $$$.

I have to get my husband used to saving every parking receipt . . . or even getting a receipt at all . . . after I retire.  

[The Walk of the Penguin Mich]

You can use prescriptions, copays, durable medical equipment and travel and parking if you need to travel a distance to his appointments.  When I filed my medical deductions, I had $13,000 in expenses for the year, which was way over 7.5% (it is now 10%) of my income.  

I managed only only to get it because my insurance deductible ran over 2 years, but my insurance year ran 7/1-6/30, so I paid 2 insurance deductibles during one tax year.

[weltschmerz]

Feb 11, 2018 23:49:44 GMT -5 empress of self-improvement said:

My question is, my DH has MS so apparently most of his medical related stuff, like prescriptions and other items he uses towards his disease, are deductible. So sayeth my tax guy anyway. So, when it comes to prescription receipts, am I supposed to give up the multi-page paper attached to the bag or the register receipt when I have paid for it? I'm getting stuff together and I have a giant folder full of both and don't know if I actually NEED both. Thanks.

Go to the pharmacy and ask for a printout of everything for the year. That's what I do.
They even total it for you.
It takes about two minutes.

[justme]

Feb 13, 2018 21:18:39 GMT -5 empress of self-improvement said:

I will ask at the pharmacy. Never thought of that. I have started doing up a spreadsheet listing all the receipts. It's going to take a while.  

We be poor so our income is not very high. It's not just prescriptions but multiple doctor copays and there was a hospital stay and a new wheelchair and other fun things.

My insurance on their webpage lets me select an export and I can do any entire plan year. I don't know if it's acceptable tax wise, but shows all I should have paid for the year and to whom. Mine shows rxs too but I'm a hsa.