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I withdrew money early from my retirement. Is Health insurance considered part of medical expenses.

 
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2 Replies

I withdrew money early from my retirement. Is Health insurance considered part of medical expenses.

Yes, health insurance premiums that you pay out of pocket can be entered as medical expenses.

 

If you took money from a retirement account you will receive a 1099R ---sometimes they do not arrive until early February.

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
MindyB
Employee Tax Expert

I withdrew money early from my retirement. Is Health insurance considered part of medical expenses.

Yes.  Health insurance premiums are considered medical expenses.  If you are looking to avoid the 10% penalty on early withdrawal, it is helpful to remember that medical expenses must be greater than 7.5% of adjusted gross income to be counted.

 

You can read more about this topic here: An Early Withdrawal From Your 401(k): Understanding the Consequences

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