I.R.S. Tax Credit for
You can also be reimbursed 100% for weight loss programs if
you were advised by a physician to lose weight.
You Can Get 100%
Reimbursement for your Weight Loss and/or Smoking Cessation
Hypnotherapy Programs with an I.R.S. Tax Credit!
Tax laws passed for 2003 onwards mean you can get a tax credit that
reimburses you 100% for money paid for smoking programs.
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 Academy of NLP
& Hypnosis and is quoted from pages 12 and 15 of IRS Publication 502
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.
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.