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June 6, 2019
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I am a 27 year old Graduate Student. Can I deduct my Health Insurance Premiums?

  • June 6, 2019
  • 1 reply
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I am a 27 year old graduate student and having to purchase Health Insurance through my school.  Can I deduct my premiums?

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No, not as part of your education expenses; only if you itemize your expenses on a Schedule  A.  If health insurance is your only deduction, you probably would not have enough to itemize.  

Medical expenses are only deductible for the amount that exceeds 7.5% of your total income and only then if ALL your itemized expenses exceed your standard deduction, which would be $6350 for a single person.

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Answer
June 6, 2019

No, not as part of your education expenses; only if you itemize your expenses on a Schedule  A.  If health insurance is your only deduction, you probably would not have enough to itemize.  

Medical expenses are only deductible for the amount that exceeds 7.5% of your total income and only then if ALL your itemized expenses exceed your standard deduction, which would be $6350 for a single person.