Medical Expenses

Forum|Forum|6 years ago
November 17, 2019
2 replies
30 views

Can I deduct the premiums I pay? Thanks

Anonymous_

Level 15

@Woodman228 wrote:

Can I deduct the premiums I pay? Thanks

Yes. However, for the 2019 tax year, you must itemize your deductions on Schedule A and the total of those deductions must exceed your standard deduction. Further, the total of your medical expenses must exceed 10% of your adjusted gross income.

See https://turbotax.intuit.com/tax-tips/health-care/can-i-claim-medical-expenses-on-my-taxes/L1htkVqq9

Anonymous

if you are self-employed (file a schedule C) your medical insurance premiums including coverage under the ACA would not go on schedule A but be an adjustment to reduce gross income. if you are a partner or 2% shareholder of an S-Corp, special handling would be require so if would get the same deduction as a self-employed person.

if you get a W-2 where you're covered by your employer's health insurance plan and it has an employee benefit program whereby your taxable wages are reduced by the insurance premiums you pay, then you are not entitled to any sort of deduction for them since your taxable income has already been reduced.