topic Do I enter how much I spent in insurance premiums OOP or individually when prompted for each medical expense? Or Both? in Deductions & credits

Do I enter how much I spent in insurance premiums OOP or individually when prompted for each medical expense? Or Both?

darren-centinell — Mon, 06 Jan 2020 14:26:20 GMT

I am prompted to enter how much I spent on Prescriptions, Doctors, Hospital, Lab Work, et cetera individually in TurboTax. Then at the end it asks for how much I psent on out-of-pocket insurance premiums. Do I enter the amounts in both area or choose one over the other?

Re: Do I enter how much I spent in insurance premiums OOP or individually when prompted for each medical expense? Or Both?

xmasbaby0 — Mon, 06 Jan 2020 15:12:52 GMT

When you enter medical expenses in TurboTax, it asks you a whole lot of questions to help you include everything that can be entered. Really what matters in the end is the total of all of it; that is what will go on your tax form, so don't get too frazzled trying to make sure everything is in the "right" category as long as you enter it all, and do not enter anything twice.

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.) expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2019—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

Re: Do I enter how much I spent in insurance premiums OOP or individually when prompted for each ...

Vanessa A — Mon, 06 Jan 2020 15:15:54 GMT

The Out of Pocket insurance premiums are different than your prescriptions and co-pays.

If you have an individual plan or supplemental plan, this is where your premiums will go. Do not enter premiums you pay that are through the marketplace that you will be reported on form 1095-A or that are reported on your 1099-SSA for Medicare as these are both entered elsewhere.