tax credit for insurace and heathcare costs

Merv2 — Tue, 10 Mar 2026 06:50:50 GMT

Between both my wife and I, our insurance premiums and heath care cost this year will be $15,000 or so with a $66,000 income. Can we use this towards deductions or something since these costs are so high?

Re: tax credit for insurace and heathcare costs

DoninGA — Wed, 16 Nov 2022 21:12:14 GMT

Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2022

Single - $12,950 add $1,750 if age 65 or older
Married Filing Separately - $12,950 add $1,400 if age 65 or older
Married Filing Jointly - $25,900 add $1,400 for each spouse age 65 or older
Head of Household - $19,400 add $1,750 if age 65 or older

Re: tax credit for insurace and heathcare costs

Merv2 — Wed, 16 Nov 2022 21:20:27 GMT

Thank you!

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tax credit for insurace and heathcare costs

Re: tax credit for insurace and heathcare costs

Re: tax credit for insurace and heathcare costs