For those that decided to make some life changes you probably quickly discovered the cost can be hard to manage in these difficult times. What you probably didn't know is that their is a tax credits for those that have used weight loss programs or smoking cessation to better their health.
You probably already know that almost none of the insurance providers out there will cover the cost that comes with these type of programs. They should because it would save money they will be out later down the road covering the long term health effects, but yet they won't.
The IRS recognized this problem and passed laws in 2003 to allow people to claim a tax credit on the money they have paid out of pocket for weight loss and smoking cessation programs.
Keep in mind this is a tax credit and not a tax deduction. This means that you will get 100% credit on the amount spent for the program you participated in.
Your medical expenses related to being involved in a smoking cessation program can be listed on your return, but things like nicotine gum and patches may not be. If the medication doesn't require a prescription you can not list it.
If you are claiming a tax credit for weight loss the medical expenses you paid for the treatment of diseases related to your weight can be included. They must be diagnosed by a doctor as related however. A few examples included diabetes, heart disease and obesity. Your membership fees to take part in weight reduction programs and meetings can also be included. Things like gym memberships can not however, but you can list them as separate fees related to your weight loss if you want.
In order to claim these credits you will need to fill out the Health Coverage Tax Credit form, Form 8885, and have it attached to your Form 1040. Make sure you also report it on line 67 of the Form 1040 and check the box labeled C. You can not claim this credit if you use a 1040 A or 1040EZ though so make sure you are using the right one.
You also need to have attached, all of your proofs of payment that you included on the Form 8885 as things you were not paid in advance for. If you are electronically filing your return you will need to attach that documentation to Form 8543. Pay stubs, bank checks and even bank statements showing your premiums being automatically deducted can be used as proofs of payment. - 31821
You probably already know that almost none of the insurance providers out there will cover the cost that comes with these type of programs. They should because it would save money they will be out later down the road covering the long term health effects, but yet they won't.
The IRS recognized this problem and passed laws in 2003 to allow people to claim a tax credit on the money they have paid out of pocket for weight loss and smoking cessation programs.
Keep in mind this is a tax credit and not a tax deduction. This means that you will get 100% credit on the amount spent for the program you participated in.
Your medical expenses related to being involved in a smoking cessation program can be listed on your return, but things like nicotine gum and patches may not be. If the medication doesn't require a prescription you can not list it.
If you are claiming a tax credit for weight loss the medical expenses you paid for the treatment of diseases related to your weight can be included. They must be diagnosed by a doctor as related however. A few examples included diabetes, heart disease and obesity. Your membership fees to take part in weight reduction programs and meetings can also be included. Things like gym memberships can not however, but you can list them as separate fees related to your weight loss if you want.
In order to claim these credits you will need to fill out the Health Coverage Tax Credit form, Form 8885, and have it attached to your Form 1040. Make sure you also report it on line 67 of the Form 1040 and check the box labeled C. You can not claim this credit if you use a 1040 A or 1040EZ though so make sure you are using the right one.
You also need to have attached, all of your proofs of payment that you included on the Form 8885 as things you were not paid in advance for. If you are electronically filing your return you will need to attach that documentation to Form 8543. Pay stubs, bank checks and even bank statements showing your premiums being automatically deducted can be used as proofs of payment. - 31821
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