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CHPA advocates tax deductible OTCs

This article was originally published in The Tan Sheet

Executive Summary

IRS position that OTC drugs cannot be deducted as medical expenses should be reversed, CHPA maintains in June 2 1statement responding to recent IRS ruling. Published in the 2Internal Revenue Bulletin June 2, ruling states the law limits tax deductions for medicines to insulin and drugs that require a prescription. However, other nonprescription health care items such as bandages, crutches, thermometers, blood sugar test kits may legally be deducted, IRS explains. "It just doesn't make any sense that consumers can deduct the cost of the bandage that covers the wound, but not the OTC therapies that take the pain of the injury away," maintains CHPA President Linda Suydam...
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