JohnB5677
Expert Alumni

Deductions & credits

Yes, with a qualification.

 

You can post the additional premiums, however, there are two things involved to qualify for the deduction.

  • You have to exceed 7.5% of your adjusted gross income.

You can preview your tax return by going to:

 

  1. On the menu bar on the left that shows.
  2. Select Tax Tools
  3. On the drop-down select Tools
  4. On the popup menu
  5. Select View Tax Summary
  6. On the left sidebar
  7. Select Preview my 1040.
  8. Schedules 1,2&3 are included if you scroll down past your 1040.
  9. To return to the entry screens press Back on the sidebar.
  10. Line 11 - Is Adjusted Gross Income

 

  • Also, Your total if Itemized Deductions must exceed the Standard Deduction.

For single taxpayers and married individuals filing separately, the Standard Deduction is $13,850 in 2023. 

For married couples filing jointly is $27,700, and  

For heads of households, the Standard Deduction is $20,800

  

If you're at least 65 years old or blind, you can claim an additional deduction in 2023 of:

  • $1,850 for single or Head of Household
  • $1,500 for married or Qualified Surviving Spouse.
  • If you're both 65 and blind, the additional deduction amount is doubled.

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