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denisenweber
New Member

I received a form 1095-A but did not receive any tax credits, can I still deduct my premium?

I pay my health insurance premiums out of pocket (my employer does not contribute. I purchased my plan from the marketplace, but do not receive any tax credits. I received a 1095-A form in the mail (with 0.00 in column C). Can I still deduct my annual premium total even though I received this form?

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

I received a form 1095-A but did not receive any tax credits, can I still deduct my premium?

Yes, you can deduct the annual health insurance premiums (less any ACA premium credit) along with all your other paid medical expenses as Medical expenses in Schedule A - Itemized deductions.

Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only "help" when they exceed your standard deduction.

For 2017, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

  • $6,350 for Single
  • $12,700 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
  • $9,350 for Head of Household
  • $6,350 for Married Filing Separately
  • If you are over 65 or blind, add $1,250 for each instance or add $1,550 each instance if single and not a surviving spouse

In TurboTax, you can enter Medical expenses by following these steps:

  • In TurboTax, open your tax return
  • Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
  • Scroll down to All Tax breaks, locate the section Medical and click on Show more
  • Click to Start next to Medical Expenses.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MinhT
Expert Alumni

I received a form 1095-A but did not receive any tax credits, can I still deduct my premium?

Yes, you can deduct the annual health insurance premiums (less any ACA premium credit) along with all your other paid medical expenses as Medical expenses in Schedule A - Itemized deductions.

Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only "help" when they exceed your standard deduction.

For 2017, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

  • $6,350 for Single
  • $12,700 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
  • $9,350 for Head of Household
  • $6,350 for Married Filing Separately
  • If you are over 65 or blind, add $1,250 for each instance or add $1,550 each instance if single and not a surviving spouse

In TurboTax, you can enter Medical expenses by following these steps:

  • In TurboTax, open your tax return
  • Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
  • Scroll down to All Tax breaks, locate the section Medical and click on Show more
  • Click to Start next to Medical Expenses.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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