Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2022
- Single - $12,950 add $1,750 if age 65 or older
- Married Filing Separately - $12,950 add $1,400 if age 65 or older
- Married Filing Jointly - $25,900 add $1,400 for each spouse age 65 or older
- Head of Household - $19,400 add $1,750 if age 65 or older
