Are GLP-1 Medications tax deductible?

GLP-1 medications are typically used to treat conditions like type-2 diabetes and obesity. According to IRS guidelines, the deductibility of these medications as medical expenses on your tax return depends on their prescribed use:

• Treatment of a diagnosed disease: If a physician prescribes GLP-1 medications to treat a specific disease—such as type 2 diabetes, obesity, hypertension, or heart disease, the cost of these medications may be deductible. To qualify, you must itemize your deductions, and your total medical expenses need to exceed 7.5% of your adjusted gross income (AGI).
• General weight loss: If GLP-1 medications are used solely for general weight loss without a physician’s diagnosis of a specific medical condition, the expenses are not deductible.

It’s important to maintain thorough documentation, including the physician’s diagnosis and prescription, to support the medical necessity of the medication if you choose to deduct these expenses. For comprehensive information on deductible medical expenses, refer to IRS Publication 502, or you if don’t want to fall asleep standing up, please give us a call.