I filed single for 2023. I paid $776 monthly in health premiums. The insurance premium statements are in my husband’s name, but I paid the premiums which are shown on my bank statements as a result of auto deduct. My insurance is part of his past employer retirement benefits. I deducted the premiums on my return, but was this done inaccurately? Should I or shouldn’t have I deducted them?
Health insurance premiums that you paid out of pocket can be entered as an itemized medical expense on your tax return. The medical expense deduction is very hard to get, so the premiums might not even have any effect.
If you filed married filing separately, and you entered itemized deductions, your spouse is also required to itemized their deductions. You either both itemize, or both use standard deduction--it cannot be one of each.
MEDICAL EXPENSES
The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.) expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2023—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.
To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
Please explain. Were you married in 2023? You say that the premium statements are in your "husband"s name. You say "I filed single." If you were legally married you cannot file as "single."
Sorry for the confusion, it was late. I am married and we filed separate tax returns. Married filing separately. We have about the same amount of income and we keep our finances separate. It made more sense for us. Thanks for the reply.
Health insurance premiums that you paid out of pocket can be entered as an itemized medical expense on your tax return. The medical expense deduction is very hard to get, so the premiums might not even have any effect.
If you filed married filing separately, and you entered itemized deductions, your spouse is also required to itemized their deductions. You either both itemize, or both use standard deduction--it cannot be one of each.
MEDICAL EXPENSES
The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.) expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2023—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.
To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)