FSA Elig = Tax Deductible?

I just bought some OTC cold medicines and the receipt from the store says "Flex Spending Acct Eligible". I am wondering if this means these items can be deducted as a health expense from my 2008 taxes. Anyone know if this is the case, or should I just toss the receipt (we don't have any

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  1. #1
    Stephanie
    Guest

    Default FSA Elig = Tax Deductible?

    I just bought some OTC cold medicines and the receipt from the store

    says "Flex Spending Acct Eligible". I am wondering if this means

    these items can be deducted as a health expense from my 2008 taxes.

    Anyone know if this is the case, or should I just toss the receipt (we

    don't have any FSAs)?

    Thanks,

    Stephanie








  2. #2
    Mike Dunn
    Guest

    Default FSA Elig = Tax Deductible?

    Only meds that you can deduct for income tax purposes is prescription drugs. You can not deduct over the counter purchases even if your doctor tells you to take them. Example, your doctor tells you to take two aspirin a day and take vitamin E to help thin your blood due to heart problems. Both are non-deductible since they do not require a prescription to buy.


    Mike Dunn
    e-mail: dunns18@yahoo.com
    Home Address: 701 Rosedown Lane,
    Lafayette, LA 70503



    --- On Wed, 5/14/08, Stephanie wrote:

    From: Stephanie
    Subject: Budget101.com : FSA Elig = Tax Deductible?
    To: Budget101_@yahoogroups.com
    Date: Wednesday, May 14, 2008, 4:00 PM


    <DIV id="yiv468886621">



    I just bought some OTC cold medicines and the receipt from the store
    says "Flex Spending Acct Eligible". I am wondering if this means
    these items can be deducted as a health expense from my 2008 taxes.
    Anyone know if this is the case, or should I just toss the receipt (we
    don't have any FSAs)?
    Thanks,
    Stephanie






  3. #3
    unc_phd
    Guest

    Default FSA Elig = Tax Deductible?

    Yes I would save the receipt and if you qualify at the end of the year

    for the medical tax deduction you can add this in. However, I believe

    you have to have 7.5% (not sure on the exact percent but it is high) of

    your gross income spent on medical expenses before you can claim

    anything so if you know that you won't have that much you can trash it





    --- In Budget101_@yahoogroups.com, "Stephanie" <thedarks@...> wrote:

    >

    > I just bought some OTC cold medicines and the receipt from the store

    > says "Flex Spending Acct Eligible". I am wondering if this means

    > these items can be deducted as a health expense from my 2008 taxes.

    > Anyone know if this is the case, or should I just toss the receipt (we

    > don't have any FSAs)?

    > Thanks,

    > Stephanie

    >










 

 

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