Can I deduct Humana and Manhattan Life Ins from our taxes?

[agarm74]

Humana is our medical bill every month. Is it deductible?

[SweetieJean]

You cannot deduct life insurance premiums.

[MichaelMc · Accepted solution]

Health insurance premiums are a deductible expense. The premiums are reported as medical expenses on Schedule A (Form 1040) Itemized Deductions.

Medical expenses must exceed 7.5% of your AGI before the deduction impacts your taxes.

Also, since the Tax Cuts and Jobs Act of 2017 increased the Standard Deduction, itemizing is less attractive for most taxpayers.

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.