IRS and weight loss

iamfire · February 6th, 2008, 12:43 PM

Morning,

Did you know the IRS will allow some deducations from a very small aspect of medically-prescribed weight loss programs? To wit:

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, 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.

You cannot include the cost of diet food or beverages in medical expenses because the diet food and beverages substitute for what is normally consumed to satisfy nutritional needs. You can include the cost of special food in medical expenses only if:

The food does not satisfy normal nutritional needs,

The food alleviates or treats an illness, and

The need for the food is substantiated by a physician.
The amount you can include in medical expenses is limited to the amount by which the cost of the special food exceeds the cost of a normal diet. See also Weight-Loss Program under What Expenses Are Not Includible, later.

You can learn more at their official site over here.

Enjoy,

Barbara

maleficent · February 6th, 2008, 02:45 PM

Quote:

You cannot include membership dues in a gym,

this one aggravates me that gym memberships aren't included and it also can't be paid with a flexible spending account either... I have spent much time arguing with HR on that point...

maleficent · February 8th, 2008, 09:08 AM

this tidbit came in a bit of spam today -

Quote:

Tax and Health Care Incentives offered for Healthy Lifestyles
In Minnesota, health care companies are citing decreases in the number of insurance claims directly related to the increased frequency of gym visits as a reason for lowering premiums. Medica, a health insurance plan administrator says that those individuals who went to the gym at least 8 times per month (only twice per week) saw a 33% decline in their insurance claims costs. Individuals covered by Blue Cross Blue Shield of Minnesota who stuck to the same plan (at least 8 gym visits per month) had a 41% decrease in hospital visits. These figures are good news for everyone involved and support the trend towards incentive fitness. Gym goers are getting healthier, insurance companies don�t have to pay as much for medical expenses and can therefore lower premiums, and the fitness industry will continue to see increases in membership and other gym related services such as personal training.

In a similar theme, State of Illinois has introduced House Bill 4408 to the Illinois House of Representatives. The bill calls for a $500 tax credit for taxpayers who enroll a child (less than 16 years of age) in a qualifying physical education program. During the past year, IHRSA has worked closely to support the bill with its sponsor, Representative Elizabeth Coulson. The idea is to encourage regular physical activity at a young age so that healthy lifestyle habits can be formed and carried on into adulthood. Families with memberships to health clubs that are classified as �family memberships� would receive a credit based on the percentage of the membership allocated specifically to the child. Routine activities engage by children up to seventeen years of age have a high likelihood to continue into adulthood. Therefore establishing exercise and healthy actions as routine behaviors before the later teen years can dramatically enhance one�s likelihood to becoming a physically active adult.

IRS and weight loss

"Related Items" or "this & that" :D Health Related "stuff" that just doesn't seem to fit into any other category.

IRS and weight loss