I.R.S. Tax Credit for Weight Loss and Smoke Cessation Programs
by
Dorothy M. Neddermeyer, PhD
You?ve made the life-saving decision to go for help to lose weight or stop smoking, now how do you pay for it? Many health care insurances, no longer pay for losing weight or smoke cessation, which seems counter-productive, because weight problems or smoking can lead to severe health problems that cost far more for treatment than the cost of losing weight or smoke cessation programs. The I.R.S. recognizes this obvious catch twenty-two?Tax laws passed for 2003 onwards means you can get a tax credit for money paid for smoking cessation and weight loss programs. This is a tax credit - not a tax deduction, so that means 100% credit on your taxes of the total amount spent for the entire program! You Can Get 100% tax credit for your Weight Loss and/or Smoking Cessation program when using Hypnotherapy or other programs to resolve these two health threatening issues! The information below is quoted from page 12 for Smoke Cessation and page 13 IRS Publication 502 year 2003. Stop-Smoking Programs
www.hsainsider.com/pdf/treasurypublications/TreasuryPub_23.pdf 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
www.hsainsider.com/pdf/treasurypublications/TreasuryPub_23.pdf 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. Dorothy M. Neddermeyer, PhD, Hypnotherapist, Life Coach and Inspirational Leader specializes in: Mind, Body, Spirit healing and Physical/Sexual Abuse Prevention and Recovery. Dr. Neddermeyer empowers people to view life's challenges as an opportunity for Personal/Professional Growth and Spiritual Awakening. www.drdorothy.net
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