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lies2016
New Member

This year i paid for insurance through my job will i get some of that money back?

i paid out 91.24 a pay ck includes health dental vision will i get some of this $ back?

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Accepted Solutions
KrisD
Intuit Alumni

This year i paid for insurance through my job will i get some of that money back?

You can claim the premiums paid as medical expenses which are reported on a schedule A, but they may have little or no impact on your tax liability. First, medical expenses are limited to a percentage of your income, next, in order for them to count you would need to itemize your deductions. For many people, the Standard Deduction is more than what they can Itemize, (you can only do it one way or the other), so any medical expenses claimed are not used.

You can enter the amount you paid in premiums into the Medical Expenses section of the Turbotax software and see if it will impact your return. The software will let you know which is higher, the Itemized Deduction or the Standard Deduction option.

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1 Reply
KrisD
Intuit Alumni

This year i paid for insurance through my job will i get some of that money back?

You can claim the premiums paid as medical expenses which are reported on a schedule A, but they may have little or no impact on your tax liability. First, medical expenses are limited to a percentage of your income, next, in order for them to count you would need to itemize your deductions. For many people, the Standard Deduction is more than what they can Itemize, (you can only do it one way or the other), so any medical expenses claimed are not used.

You can enter the amount you paid in premiums into the Medical Expenses section of the Turbotax software and see if it will impact your return. The software will let you know which is higher, the Itemized Deduction or the Standard Deduction option.

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