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As a retired person I pay the health premium from out of my retirement check can I claim that premium payment on my taxes?

I am using Turbo Tax and am at the deductions section health premiums deductions.

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1 Reply
maglib
Level 11

As a retired person I pay the health premium from out of my retirement check can I claim that premium payment on my taxes?

Depends on if your retirement is taxable income or it's pretax.  If the money is taken out pretax from your retirement income then no.  If your retirement income is taxable income then yes. Basically for the medical expenses to be deductible you had to use taxable income to pay it.  I can't see your information and do not know what type of pension you have but, you can see here about if it's subject to taxation.  https://www.irs.gov/taxtopics/tc410

You must itemize to claim a medical expense deduction. This means the total of your itemized deductions should exceed the standard deduction for your filing status or you'll actually be paying more in taxes.

This can often be a challenge for older Americans because the standard deduction increases when you hit age 65 and/or if you're blind. This can make it harder to reach that threshold. Additionally, standard deductions have increased dramatically in 2018, thanks to the Tax Cuts and Jobs Act of 2017 (TCJA). They're now set at $12,000 for single filers and those who are married but file separate returns, $18,000 for head of household filers, and $24,000 for married taxpayers filing joint returns, as well as qualifying widow(er)s.

You'd need a lot of medical expenses to exceed these amounts, but you can include other itemized deductions to potentially add up to more than your standard deduction. You can compute the total of your itemized deductions using Schedule A, which must be submitted with your tax return when you file it.

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