Yes, you can deduct the annual health insurance premiums (less any ACA premium credit) along with all your other paid medical expenses as Medical expenses in Schedule A - Itemized deductions.
Medical Expenses are
subject to the 7.5% rule and you can only claim the excess over 7.5% of your
Adjusted Gross Income.
Please note that
Itemized Deductions will only "help" when they exceed your standard
deduction.
For 2017, standard
deductions are:
For a taxpayer under
65, not claimed as a dependent
- $6,350 for Single
- $12,700 for Married Filing
Jointly, or Qualifying Widow(er) with dependent child
- $9,350 for Head of Household
- $6,350 for Married Filing
Separately
- If you are over 65 or blind,
add $1,250 for each instance or add $1,550 each instance if single and not
a surviving spouse
In TurboTax, you can
enter Medical expenses by following these steps:
- In TurboTax, open your tax
return
- Click on Federal in the left-hand column, then
on Deductions & Credits on top of the screen
- Scroll down to All Tax
breaks, locate
the section Medical and click on Show more
- Click to Start next to Medical
Expenses.
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