They go on Schedule
A as Itemized Medical deductions. Generally, you can deduct on Schedule A (Form
1040) only the amount of your medical and dental expenses that is more than 10%
of your adjusted gross income (however, if either you or your spouse was born
before January 2, 1952, you can deduct the part of your medical and dental
expenses that exceeds 7.5% of your adjusted gross income).
If your total itemized Deductions are less than the
Standard Deduction, then you'll want to take the Standard Deduction. The IRS
allows taxpayers the greater of either
the standard deduction or the sum all their itemized deductions. So, always go
with the larger of the two.
To enter the premiums in Turbo Tax, follow these steps:
- Click on the Federal Taxes
tab
- Click on Deductions &
Credits tab
- Click the I'll Choose What I
Work On button
- Under the Medical heading,
click the Medical Expenses start button
- From here Turbo Tax will
guide you through the process of entering those costs.
I have included a
screenshot of the page for entering medical insurance premiums.
