topic Are health insurance premiums paid ahead in 2018 for 2019 coverage deductible in 2018? I plan on paying 9 months ahead since I have high medical expenses this year. in Deductions & credits

Are health insurance premiums paid ahead in 2018 for 2019 coverage deductible in 2018? I plan on paying 9 months ahead since I have high medical expenses this year.

Anonymous — Thu, 06 Jun 2019 06:14:19 GMT

I will exceed the 10% threshold on medical expenses this year, but less likely next year, so I would like to take the deduction while I can.

DoninGA — Thu, 06 Jun 2019 06:14:19 GMT

If the Health insurance premiums are paid in 2018 they can be deducted as an itemized medical deduction on Schedule A.

Only the amount of medical expenses over 7.5% of AGI can be deducted in 2018. For tax year 2019 the expenses over 10% of AGI can be deducted.

Anonymous — Thu, 06 Jun 2019 06:14:22 GMT

to get a benefit out of prepaying, your itemized deductions (medical, mortgage interest, taxes, etc) must exceed your standard deduction.

Single or married filing separately: $12,000
Married filing jointly: $24,000
Head of household: $18,000
additional standard deduction for people who have reached age 65 (or who are blind) is $1,300 for each married taxpayer or $1,600 for unmarried taxpayers.

One other caveat; The insurance company must accept the prepayments. check first.