Is TRT Tax Deductible?

[legbuh]

Probably not the right way to word it, but on our taxes everything medical/dental/eye we pay out of pocket (either to cover deductable, or RX) is tax deductible.

Is TRT? Let's say for example the fees and costs of RX from a place like tharc?

 

[hulksterii]

Might want to ask the IRS or your accountant. I looked at this site:

Publication 502 (2008), Medical and Dental Expenses

 

[goin on 4T]

It can be if you own an S corp and the S corp pays for it...

 

[SpyWizard]

if you own a corp it is since all medical is paid for with pre tax $$$

in an itemized deduction, if it is prescribed by a doc.. but your insurance will not pay for it, yes you put it in that spot..

 

[legbuh]

Thanks Spy, that's what I was looking for (nice avatar BTW... hummina). what part of MN are you in? Mankato here.

I do own an S-corp. I'm the only employee, but I get all my health bennies from my wife (she's a teacher, hard to beat her coverage). So, I'll just save receipts and maybe even ask the clinic I'm working with. they seem to be pushing the HGH pretty hard.. 2k for 3 months? Yikes.. no thanks.. The T is reasonable though.

 

[goin on 4T]

Medical and Dental Expenses
To take a deduction for medical and dental expense, your expenses must exceed 7.5% of your AGI. The deduction you can take is for the expenses in excess of the 7.5%. One significant deduction you might be able to take is for the premiums you paid toward your medical and dental insurance - if those premiums were paid with after-tax dollars.

In other words, if you did not pay any income taxes on the dollars used to pay the insurance premiums, then you cannot deduct those amounts. You can take deductions for prescription medications, Medicare Supplemental Insurance, routine and emergency medical care, and the costs of certain expenses such as lodging if the expense is associated with receiving medical care.

 

[doublebicep]

You might be able to use pre-tax $'s through a health care fexlible spending account.