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Are premiums for dental insurance deductable?
I am 74 years old on Medicare and pay premiums out of pocket.
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posted
May 31, 2019
7:35 PM
last updated
May 31, 2019
7:35 PM
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Are premiums for dental insurance deductable?
medical/dental insurance premiums that you pay out of pocket with after-tax money are deductible medical expenses.
Be aware though that the insurance premium may not provide any tax benefit. Only the amount of medical expense itemized deductions that are more than 10% of your adjusted gross income (under 65) or 7.5% (65 or over) are deducted. Also, itemized deductions provide no tax benefit until all of them added together are more than the standard deduction for your filing status.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
Be aware though that the insurance premium may not provide any tax benefit. Only the amount of medical expense itemized deductions that are more than 10% of your adjusted gross income (under 65) or 7.5% (65 or over) are deducted. Also, itemized deductions provide no tax benefit until all of them added together are more than the standard deduction for your filing status.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
May 31, 2019
7:35 PM
4 Replies
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Are premiums for dental insurance deductable?
medical/dental insurance premiums that you pay out of pocket with after-tax money are deductible medical expenses.
Be aware though that the insurance premium may not provide any tax benefit. Only the amount of medical expense itemized deductions that are more than 10% of your adjusted gross income (under 65) or 7.5% (65 or over) are deducted. Also, itemized deductions provide no tax benefit until all of them added together are more than the standard deduction for your filing status.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
Be aware though that the insurance premium may not provide any tax benefit. Only the amount of medical expense itemized deductions that are more than 10% of your adjusted gross income (under 65) or 7.5% (65 or over) are deducted. Also, itemized deductions provide no tax benefit until all of them added together are more than the standard deduction for your filing status.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
May 31, 2019
7:35 PM
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Are premiums for dental insurance deductable?
I am self employed can I deduct my dental premiums for myself and my husband under Sch C health insurance
Also, can I deduct medicare A & D premiums under Sch C health insurance
April 11, 2020
10:58 PM
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Are premiums for dental insurance deductable?
Is that a yes
April 11, 2020
11:00 PM
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Are premiums for dental insurance deductable?
Yes, Self-employed people are allowed to deduct 100% of their health insurance premiums (including dental and long-term care coverage) for both themselves and their spouses.
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April 12, 2020
8:40 AM
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