If you itemize your deductions and anticipate including some of your medical and dental expenses, then IRS Publication 502, "Medical and Dental Expenses," can help you determine which expenses qualify in the current tax year. After you total all of your
What is IRS Publication 502? IRS Publication 502 is a document that lists which medical and dependent care items employees can claim as a deduction on Schedule A of Form 1040, also known as the Federal Income Tax Return. This document is especially important for organizations that offer ...
Video: What Are IRS Publications?What is IRS Publication 502?What is IRS Form 8606: Nondeductible IRAsWhat Is IRS Form 5498: IRA Contributions Information? More in Investments and Taxes Your Crypto Tax GuideIs There a Dividend Tax? Your Guide to Taxes on DividendsDo You Pay Taxes on ...
However, stipends don't satisfy the Affordable Care Act's employer mandate for organizations with 50 or morefull-time equivalent employees(FTEs). Employers also can't require proof of coverage or ask for receipts for items listed in IRS Publication 502. This makes an HRA a better option for...
For a full list of what medical expenses are covered by a health savings account, check out my overview ofHSA and FSA-eligible qualified medical expensesandIRS publication 502. For example, as a result of the CARES Act during the COVID-19 pandemic, OTC medications, telehealth, and menstrual...
Eligible expenses include a wide range of medical, dental, and mental health services. These are explained in detail in IRS Publication 502,Medical and Dental Expenses. Note Over-the-counter medications and menstrual products qualify as HSA expenses, thanks to theCARES Actof 2020. ...
deductible, of course. But you can also use it for other health-related expenses, such as dentistry,eyeglasses,contact lenses, fertility costs, birth control, mental health treatment, and any other conceivably health-related expenses. SeeIRS Publication 502for the complete list of eligible expenses...
For a full list, view the IRS’s Publication 502, Medical and Dental Expenses. 2025 HSA contribution limit According to the 2025 HSA contribution rules, an employee can contribute up to $4,300 if they have self-only coverage under their HDHP. Or, they can contribute up to $8,550 if...
Employees buy healthcare products and services based on their personal requirements. This also includes individual health insurance policies. For a complete list of expenses that an HRA covers,IRS publication 502can guide you. Submitting documentation of the expenses ...
Employees pay for their own expenses: The employees decide how they want to spend their money. Typically, unless specified, all items listed under IRS Publication 502 are eligible for reimbursement. This includes many options such as birth control pills, disabled dependent care expenses, and operati...