You Can Get
100% Reimbursement for your Weight Loss
and/or Smoking
Cessation Hypnotherapy Programs
with a New
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. You can also
be reimbursed 100%
for weight loss programs if you were advised
by a physician to lose weight.
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 Hypnosis
For Change and is quoted from pages 12 and 15 of IRS Publication 502 year 2003.
Stop-Smoking
Programs
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
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.