Brief Answer:
First, evaluate the tinnitus

Detailed Answer:
The first step would be to evaluate the cause of the tinnitus with a brain imaging study (and a full general exam and simple lab work). You imply this is already done with saying severe hearing loss--one of the most common causes of tinnitus, but then you ask about the drugs and relation to tinnitus. They are never associated with tinnitus that occurs at the time PRIOR TO TAKING THEM. They don't really make tinnitus worse; indeed, longer, milder drugs of the same group as Xanax are slightly helpful in some people's tinnitus.

Ok, learning to live with it is the best treatment. There's standard psychological approaches to this adapted from highly effective treatments of phobias
http://www.ncbi.nlm.nih.gov/pubmed/0000
The non-drug therapies are the currently best regarded ones.
http://www.ncbi.nlm.nih.gov/pubmed/0000
So, the drugs sorta kinda work there's a real risk of addiction with Xanax; none with Zoloft. While they don't really work on tinnitus, they do work on anxiety; they wouldn't be the top choice in this context.

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Brief Answer:
In the short run...

Detailed Answer:
Cannot give direct advise (especially either to take or not to take a controlled substance) when not actually there. And, 0.5 mg of xanax under 3x day for under 2wk is very unlikely to produce serious withdrawal (psychological dependence risk, hard to say, but not zero).

That being said the cognitive approach would include:
1) realizing that there is not a life-threatening risk.
2) seeing how one gets worked up, what thoughts/feelings/attitudes/beliefs are present when one is worked up.
3) how building labels/judgements/firm conclusions reinforce being worked up and that one can back up from that.

Example right now, I would like to go running. WHen I run, I get many thoughts why I should NOT. I get sensations of breathlessness, and aches. I can make labels (I"m DYING, It's My Heart) I can make conclusions (I am not fit enough to do this) and not run. I do this about daily, so, I don't actually have to take any of the thoughts/conclusiions etc. very seriously. I'm choosing this example because it overlaps significantly with sensations of panic/anxiety and... demonstrate that denial/willpower/stoicism doesn't really have anything to do with it but realization of the falseness of the conclusions often reached does.

Bye, Gotta run.....hope this helps.

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Brief Answer:
wel... technically....

Detailed Answer:
The drugs do not have significant interaction at the level of building up in the body (pharmacokinetic) nor do their side effects interact or potentiate or work badly together (pharmacodynamic). They are often used together.

AND, there is strong reason to use something other than drugs in anxiety associated with tinnitus.

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Brief Answer:
Cognitive behavioral therapy

Detailed Answer:
This is extremely effective in phobias. It is being extended to anxiety and to a variety of addictions.

There's standard psychological approaches to this adapted from highly effective treatments of phobias
http://www.ncbi.nlm.nih.gov/pubmed/0000

Indeed, The non-drug therapies are the currently best regarded ones in your condition.
http://www.ncbi.nlm.nih.gov/pubmed/0000

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Brief Answer:
some limits on the answer

Detailed Answer:
since I do not know your location. In general psychotherapists BUT you'd have to call first and verify they do CBT OR... google your city with the words CBT or your city with the words Cognitive behavioral. It's pretty much always worked for me

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Brief Answer:
It is an antidepressant

Detailed Answer:
that works on anxiety.

It is about 33% effective on PTSD, 50% on social anxiety and a bit more on panic attacks.

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