insurance premiums

Forum|Forum|4 years ago
January 26, 2022
2 replies
33 views

Once retired, can we claim the amount we spend each month for insurance premiums? Is this amount deductible?

Contented

Level 4

Under deductions you will find a category for Medical Expenses. Within that is a place for insurance premiums. If you are over age 65 you will be able to deduct any medical expenses (including Medicare A, B premiums) that are more than 7.5% of your adjusted gross income. If you are not yet 65 you can deduct expenses that are over 10% of your adjusted gross income. (Please verify the percentages.) Turbo Tax will figure the deduction for you once you complete that section.

mckeithantaxAuthor

Level 2

sounds like since not yet 65, that our insurance premiums will not be deductible since most dont go over 10% of total adjusted income.

MinhT1

Level 15

The threshold for claiming medical expenses (including medical insurance) is 7.5% of your Adjusted Gross Income (AGI). It means that you can only claim that portion of medical expenses that is in excess of the threshold.

Then that portion of medical expenses when combined with other itemized deductions such as mortgage interest, property taxes, the sales and local tax (SALT) deduction, charitable contributions, have to exceed your standard deduction to have a beneficial effect on your tax.

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Vanessa A

Level 15

Possibly, If your total medical expenses, including your health insurance premiums, along with your other itemized expenses such as property taxes and mortgage interest are greater than your standard deduction of $25,100 ($27,800 if you are both over 65), you would be able to claim your insurance premiums.

If your itemized deductions are less than your standard deduction, then it would not benefit you to claim your insurance premiums.

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