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bbeckman
New Member

Can I deduct monthly medical premiums I paid after I retired?

I retired in August 2016, but my company would pay any part of my medical, so I then had to pay the full cost of my medical premiums.  That started in Sept. 2016.  Can I deduct the premiums from Sept - Dec.?  Note that I had two different Insurers from Sept. - Dec.  From Sept - Nov. my wife and I paid the full premium on my wife's former medical plan.  Her former employer allowed us to participate in their plan, but we payed 100% of the cost.  Then we switched to another plan in Dec., where we paid 100% of the cost.  I received a 1095-A form, but it only had Dec. premiums noted.
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Accepted Solutions
Fern
New Member

Can I deduct monthly medical premiums I paid after I retired?

You can include the premiums paid for medical insurance in your calculation of itemized deductions.

To enter Health insurance premiums paid
Select Federal Taxes
Select Deductions and Credits
Select Show More at Medical
Select Start or revisit at Medical Expenses.
Insurance premiums are entered at the 3rd screen.

Total medical expenses must be more than 10% (7 1/2% if over 65) of your adjusted gross income before they will be included in the computation of your itemized deductions.

In the Health Insurance section of Turbo Tax, you are required to enter the information from the 1095 A that you received. There is no reporting requirement, other than stating you had health insurance, for the private/employer insurance that you had in 2016.

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1 Reply
Fern
New Member

Can I deduct monthly medical premiums I paid after I retired?

You can include the premiums paid for medical insurance in your calculation of itemized deductions.

To enter Health insurance premiums paid
Select Federal Taxes
Select Deductions and Credits
Select Show More at Medical
Select Start or revisit at Medical Expenses.
Insurance premiums are entered at the 3rd screen.

Total medical expenses must be more than 10% (7 1/2% if over 65) of your adjusted gross income before they will be included in the computation of your itemized deductions.

In the Health Insurance section of Turbo Tax, you are required to enter the information from the 1095 A that you received. There is no reporting requirement, other than stating you had health insurance, for the private/employer insurance that you had in 2016.

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