Your Money: Jun. 28, 1999

SMOKING BREAK The IRS apparently figures that people who live longer pay taxes longer. That might explain why the agency will now allow smokers to deduct the unreimbursed cost of antismoking programs or prescription drugs as a medical expense on their returns--as long as total medical costs exceed 7.5% of gross income. (Nicotine patches and gum don't count.) To make a claim from previous years, file a 1040X amended return.

FUND FLEE With investors taking financial matters into their own hands, how can a mutual fund keep them from deserting? An increasingly popular tactic, according to Financial Research Corp., is to...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!