Health Insurance premiums are deductible if you are able to itemize on your return. In order to itemize, you will listed your itemized deduction on the schedule A of your return. Many find that it is more beneficial to claim the standard deduction as the standard deduction allowed is greater than their itemized deductions claimed.
In order to claim medical expenses as an itemized deduction, the medical and dental expenses must exceed 7.5% of your adjusted gross income. To enter medical expenses in TurboTax, you will follow these steps:
- Click Deductions and Credits
- Scroll Down to Medical, Click Show More
- Click Start next to Medical Expenses
TurboTax will notify you, if your itemized deduction would be more beneficial to claim over the standard deduction.
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