topic Deductions in Deductions & credits

Deductions

MDSiri — Mon, 17 Feb 2020 17:28:10 GMT

I have another question for you, actually 2 questions.

1. I don't have an affordable care plan, I have Medicare and Gov Blue Cross and Blue Shield. I don't receive a 1095 A; Do I answer no to that question?

2. The cost of that additional insurance is taken out of my annuity to the tune of $2,918.04 per year. $243.17 is deducted from my monthly annuity. Can I deduct that amount where it says additional medical insurance premiums?

Re: Deductions

DawnC — Mon, 17 Feb 2020 17:47:37 GMT

You should not enter anything into the 1095-A section unless you have a 1095-A from the Marketplace. You can skip that section or answer No to any questions about ACA coverage. And yes, you can deduct the premiums paid from your annuity as additional medical insurance premiums. If you itemize, you will receive a tax deduction for those amounts over 7.5% of your adjusted gross income.