to get a benefit out of prepaying, your itemized deductions (medical, mortgage interest, taxes, etc) must exceed your standard deduction.
- Single or married filing separately: $12,000
- Married filing jointly: $24,000
- Head of household: $18,000
- additional standard deduction for people who have reached age 65 (or who are blind) is $1,300 for each married taxpayer or $1,600 for unmarried taxpayers.
One other caveat; The insurance company must accept the prepayments. check first.
