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guyklabunde
New Member

Are medical premiums paid deductible

 
1 Reply
Marketstar
Level 7

Are medical premiums paid deductible

Yes, you can deduct medical insurance premiums paid after tax (rather than pre tax as a payroll deduction)  if you itemize and the total expenses for you, your spouse, and your dependents exceed 10% of your adjusted gross income (7.5% if you're 65 or older as of December 31, 2016).

The deduction is limited to the expenses above and beyond this amount.

To enter your medical /insurance 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

See How much did you spend on insurance premiums? page.

 

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