Yes, you can claim the health insurance premium that you paid out of your savings account as Medical expenses if you itemize your deductions.
For tax year 2018,
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 2018, standard
deductions are:
For a taxpayer under
65, not claimed as a dependent
- $12,000 for Single
- $24,000 for Married Filing
Jointly, or Qualifying Widow(er) with dependent child
- $18,000 for Head of Household
- $12,000 for Married Filing
Separately
- If you are over 65 or blind,
add $1,300 for each instance if married or add $1,600 each instance if
single or head of household
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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"