Yes, it is possible, but it is rarely worth anything, unless you have been unfortunate enough to have other large medical expenses during the year.
Premiums paid for medical, dental, and vision insurance plans may be included with other medical expenses on Schedule A (Form 1040) Itemized Deductions. The total of your medical expenses must exceed 7.5% (10% beginning in 2019) of your Adjusted Gross Income before you can deduct anything, and then, only the excess. If this were not a sufficiently high bar, your Itemized Deductions are only useful in improving your tax situation if they total more than the Standard Deduction.
For 2018, the
increased Standard Deduction amounts for all filers are:
- Single or Married filing
separately—$12,000.
- Married filing jointly or
Qualifying widow(er)—$24,000.
- Head of household—$18,000.
It is expected that the increased Standard Deduction will result in fewer than 10% of all taxpayers itemizing this year.
