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Show Medicine, drugs deductible 00 income tax Medicine and drug expenses for taxpayers 65 years and older will be fully deductible on this year's Federal income tax returns. The full deductibility of these expenses under the 1964 Revenue Act was pointed out today by Roland V. Wise, District Dis-trict Dirtcor of Internal Revenue. Reve-nue. He said this will save elderly el-derly taxpayers about $10 million mil-lion a year in taxes Under previous law, expenses for medicines and drugs were included in medical expenses to the extent they exceeded one per cent of adjusted gross income. Elimination of the one per cent floor or limitation applies to the medicine and drug expenses ex-penses of a taxpayer and his spouse if either is age 65 or older. It also applies to such expenses paid on behalf of dependent de-pendent parents age 65 or over. There are no other changes in the provisions regarding the deductibility of medical expenses ex-penses Mr. Wise said. These expenses are fully deductible, subject to certain maximum limitations, for taxpayers 65 and over but are subject to a three per cent floor for taxpayers tax-payers under 65. The one per cent floor on medicine and drug expenses for taxpayers under 65 continues in effect Director Wise said. |