I'm not collecting social security yet but am paying for Part B. Where do I enter this if I itemize and is this a legal deduction?

[MinhT · Accepted solution]

Your Part B premiums paid can be claimed as Medical expenses, along with your other health insurance premiums and other medical expenses.

Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only "help" when they exceed your standard deduction.

For 2017, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

• $6,350 for Single
• $12,700 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
• $9,350 for Head of Household
• $6,350 for Married Filing Separately
• If you are over 65 or blind, add $1,250 for each instance or add $1,550 each instance if single and not a surviving spouse

In TurboTax, you can enter Medical expenses by following these steps:

• In TurboTax, open your tax return
• Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
• Scroll down to All Tax breaks, locate the section Medical and click on Show more
• Click Start next to Medical Expenses.