Out of pocket insurance premiums are deducted on the Sch A along with all your other medical expenses subject to a threshold ...
If you itemize, Schedule
A, Itemized Deductions needs to be included on your
return. This schedule lists (itemizes) certain deductible expenses, including:
·
Medical and dental costs above and beyond 10% of your AGI (or
7.5% if you or your jointly-filing spouse are 65 or older)
·
State, local, real estate, and personal property taxes
·
Home mortgage interest and PMI
·
Charitable donations and gifts
·
Casualty or theft losses
·
Unreimbursed employee expenses above and beyond 2% of your AGI
The IRS lets you claim
either the standard
deduction or
the itemized deduction. After you finish going through the Deductions & Credits section, we'll figure out which
deduction (standard or itemized) gives you the biggest tax break. You can also
manually override our recommendation if you wish.
When itemizing, TurboTax
automatically fills out your Schedule A and chooses the 1040 long form. You
cannot itemize if you're filing Form 1040-A or 1040-EZ or if you're using
TurboTax Federal Free Edition, which doesn't support Schedule A.
Related
Information:
·
How
does the itemized deduction differ from the standard deduction?
·
How
do I itemize?
