1095b

[juniorhaske]

I received a 1095b from my insurance company.

I paid 100% of the premiums monthly.

It is an employer sponsored insurance plan made for retirees but the retiree pays for the plan.

Can I claim the monthly premiums as a medical deduction

[AmyC]

It depends.

• Those count as medical expenses you paid IF they are taxed dollars. 
• If they are pre-tax dollars, they do not count.

[juniorhaske]

I get my pension deposited into my bank account on the first of every month.  All taxes taken out at prior to deposit.

On the following 15th of same month, my insurance carrier automatically withdraws my premium from my bank account.

[DoninGA]

@juniorhaske The amount you pay each month is a valid medical expense that can be entered on Schedule A as an itemized deduction.

Health care insurance premiums, including dental and vision insurance premiums, and other medical expenses that you paid with out of pocket funds and were not reimbursed 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 2024

Single - $14,600 add $1,950 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older

To enter your medical expenses -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Medical
On Medical Expenses, click the start or update button

Or enter medical expenses in the Search box located in the upper right of the program screen. Click on Jump to medical expenses

[juniorhaske]

I can then also deduct dental, vision, prescription and out of pocket medical costs?

[DoninGA · Accepted solution]

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@juniorhaske wrote:

I can then also deduct dental, vision, prescription and out of pocket medical costs?

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That is correct.

[juniorhaske]

Thank you so much.  It's awesome having folks who understand tax law.

Incredible!

First year paying all health premiums on my own.

Feels like visiting a foreign country.

Just to ease my mind:

Health premiums

Vision and Dental 

Prescriptions

Office Visits

[DoninGA · Accepted solution]

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@juniorhaske wrote:

Thank you so much.  It's awesome having folks who understand tax law.

Incredible!

First year paying all health premiums on my own.

Feels like visiting a foreign country.

Just to ease my mind:

Health premiums

Vision and Dental 

Prescriptions

Office Visits

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Yes, those are all valid medical deductions as long as you are paying those expenses with out of pocket funds and you are not being reimbursed

[juniorhaske · Accepted solution]

Thanks again for your help.

God bless you for all you do for all of us.