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Tax
laws passed for 2003 onwards mean you can get a tax credit that reimburses
you 100% for money paid for smoking programs. You can also be reimbursed
100% for weight loss programs if you were advised by a
physician to lose weight. This is a tax credit - not a tax deduction,
so that means 100% credit on your taxes!
The information below is presented as a courtesy from
The Personal Achievement Center
and is quoted from pages 12 and 15 of IRS Publication 502 year 2003.
Stop-Smoking
Programs
You can include in medical expenses amounts you pay for a program
to stop smoking. However, you cannot include in medical expenses amounts
you pay for drugs that do not require a prescription, such as nicotine
gum or patches that are designed to help stop smoking.
Weight-Loss
Programs
You can include in medical expenses amounts you pay to lose weight
if it is a treatment for a specific disease diagnosed by a physician
(such as obesity, hypertension, diabetes or heart disease). This includes
fees you pay for membership in a weight reduction group and attendance
at periodic meetings. You cannot include membership dues in a gym,
health club, or spa as medical expenses, but you can include separate
fees charged there for weight loss activities.
How
to Report
To claim the credit, complete Form 8885, Health Coverage Tax Credit,
and attach it to your Form 1040 or Form 1040NR. Report the credit
on Form 1040, line 67, or Form 1040NR, line 62, and check box c. You
cannot claim the credit on Form 1040A or Form 1040EZ.
You must attach invoices and proof of payment for any amounts you
include on line 2 of Form 8885 for which you did not receive an advance
payment. If you file your return electronically, attach the invoices
and proof of payment to your Form 8453. Proof of payment may include
a pay stub if insurance is through a spouse's employment, a bank check,
or bank statement for premiums that are automatically deducted from
your account.
If you claim this credit, you cannot take the same expenses that you
use to figure your health coverage tax credit into account in determining
your:
· Medical and dental expenses on Schedule A (Form 1040)
· Self-employed health insurance deduction, or
· Archer Medical Savings Account (MSA) distributions. |
