topic 1099-r in Deductions & credits

1099-r

Kjepsen1 — Mon, 10 Feb 2020 01:17:01 GMT

My wife started collecting her pension last year, Her pension is a little over 700.00 a month.

She gets about 400.00 a month for her pension, and the remainder of the pension goes to pay for our health insurance.

My question is that on her 1099-r in box #1 shows 8,454.20, and in box#2 it shows the same amount as in box #1. There is no federal or state taxes taken out, and in box #7 it has a #2 in the box.

My question is can I right off the amount we pay for the medical Insurance.

Re: 1099-r

DaveF1006 — Mon, 10 Feb 2020 01:41:22 GMT

You can deduct the amount that you paid for medical premiums as a Schedule A itemized deductions as medical insurance premiums paid. This only works to your advantage if you you are able to itemize deductions and if the total of all your medical expenses are over 7.5% of your adjusted gross income.

Re: 1099-r

Kjepsen1 — Wed, 12 Feb 2020 02:59:35 GMT

Thank you, that helped.