I keep a running record of medical expenses by family member throughout the year. I start l/l and end 12/31. At the same time, I tally each cost on a cumulative basis. At the end of the year, I have it. Total medical costs for income tax preparation. Easy... and it works
By Sheila from Boynton Beach, FL
Hi, At the end of the year, I contact my Pharmacy and they give me a printout of the entire family's account with yearly totals and dates. I turn it over to my accountant and it's directly from the pharmacy so, no need for the IRS to question it.
That is an ingenious idea - one I wish I had thought of on 1/1/07! Thanks for sharing, and God bless you.
I do both and include my travel expenses to & from the doctor, medical facility, pharmacy, etc. And don't forget any costs incurred for obtaining copies of medical records, x-rays & other tests.
Many pharmacies can provide customers with an itemized list of prescription drugs at year end. The list may include drug name, total cost, amount paid by insurance and amount paid by customer.