IRS backup paperwork

[Skeeter1]

This morning I received my 2024 Medicare Part D EOB (explanation of benefits).

The YTD amount that is on the Medicare statement agrees with the amount that I calculated using my receipts.

The question is do I need to keep all of my original prescription receipts since Medicare and my calculations are the same?

Thank you

[jebmke]

I never keep either of them; I don't even get the EOBs. The pharmacy has this on their system. I can run a report anytime I need it (which is never for me now that I disgorged my HSA).

[ncdcpa]

If deducting a medical expense, the deduction depends on when you paid it, not when the service was provided. I doubt the EOB provides that detail.

That said, I don't keep any drug receipt unless big enough that I think important to be able to claim as an itemized deduction, should it turn out that I need to itemize.

[cheese_breath]

I keep mine because one never knows if a medical 'disaster' might occur during the year that could qualify them for medical deduction.