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There is no place on the 1099-R where payments for health insurance are recorded, so no, you didn't miss anything.
That doesn't mean you can't take a deduction for your payments.
If your pension trustee sent you a statement summarizing your payments for insurance, use that number. Otherwise, you may calculate what you paid and enter it on Schedule A under Deductions & Credits>Medical>Medical Expenses.
Can I reduce my taxable income by the amount of the premiums or am I only allowed to deduct it on Schedule A? Due to the cap on state and local taxes, I am limited to the standard deduction so I would lose the tax benefit of the premiums.
Health Insurance premiums are deductible if you are able to itemize on your return. In order to itemize, you will listed your itemized deduction on the schedule A of your return. Many find that it is more beneficial to claim the standard deduction as the standard deduction allowed is greater than their itemized deductions claimed.
In order to claim medical expenses as an itemized deduction, the medical and dental expenses must exceed 7.5% of your adjusted gross income. To enter medical expenses in TurboTax, you will follow these steps:
TurboTax will notify you, if your itemized deduction would be more beneficial to claim over the standard deduction.
Thank you. it's not the answer I wanted but I get it. Just wanted second opinions to make sure I wasn't getting stiffed.
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