Is this still true for 2024? Can I actually pay my healthcare premiums now (Dec 2024) for my 2025 insurance coverage, and write it off on the 2024 return? My 2024 medical expenses exceed the 7.5% so any extra deduction would make a big difference.
Research:
The 12 mo rule mentioned above seems to only apply to business expenses. The often cited example is for business insurance such as liability, property, etc., with no mention of medical insurance.
Pub 502 seems to say that all types of healthcare insurance premiums are deductible in the current year, but makes no clear statement about future months. A possible answer might be hidden under the heading "Insurance Premiums" or "Prepaid Insurance Premiums", but unfortunately this latter section is so poorly worded, brief and convoluted that it is impossible to make any conclusion.
You can try using the IRS Interactive Tax Assistant, and either ask about health insurance premiums (topic I), or prepaid insurance (topic P) , but I would not trust the answer if it is based on the flawed Pub 502.
Update:
I spoke with an IRS agent, and he walked thru the same set of questions that the ITA will ask.
For the topic I, "Health Insurance Premiums":
Amounts paid out of pocket in 2024 by yourself, for yourself, without any reimbursement or credit by an HSA or other, they are deductible in 2024 on SchA to the extent they exceed the 7.5% of reported income.
The agent felt that if the tool didn't ask about when the actual service would be rendered, then it was not relevant, and as long as the insurer allows the payment for future months, then the write-off is justified.
So I can write off all of my medical insurance for 2025 on the 2024 return as long as it was paid in 2024.
The agent and the supervisor found no reference to a 12mo limitation on this but 12mo is enough for me.
