A question re: SECURE Act 2.0

Forum|Forum|2 years ago
January 18, 2024
4 replies
10 views

How can i deduct my 2022 insurance premiums pursuant to the SECURE Act 2.0 that I believe was signed into law on Dec 30th 2022?

DoninGA

Level 15

What insurance premiums are you referring to? Health, Life, Homeowner, Rental Property, Vehicle, etc.?

mjnewt1Author

Level 2

Health insurance premiums.

DoninGA

Level 15

@mjnewt1 After you have completed entering your Form 1099-R there will several follow-up screens. On one of the screens you will be asked if you were a Public Safety Officer (PSO), answer Yes. Continue and there will be another screen how much you paid for health insurance, enter the amount paid but no more than $3,000.

On your Form 1040 Line 5a there will be a PSO entered. On line 5b your taxable retirement income will be reduced by the amount of health insurance premiums you entered.