can I add medical premiums paid if my parents have me on their insurance through work

[cierrarawles]

I am a young adult but still on their insurance

[xmasbaby0]

Medical expenses will have no effect unless you meet the threshold of having medical expenses over 7.5% of your adjusted gross income, and then you also need other itemized deductions like mortgage interest, property tax, and/or charity donations to exceed your standard deduction.      If you paid insurance premiums out of pocket you can enter them as a medical expense but do not expect any effect on your refund or tax due.

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2024—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

[SabrinaD2]

If you are a young adult on your parents' employer-sponsored health insurance plan, you generally cannot deduct the premiums your parents paid for your coverage on your own tax return. However, your parents may be able to deduct these premiums if you qualify as their dependent. Here are some key points:

1. Employer-Sponsored Insurance: Premiums paid by your parents' employer are typically deducted pre-tax from their income, meaning they are already excluded from taxable income.
2. Itemized Deductions: Your parents can include medical expenses they pay for themselves, as well as those they pay for someone who was their spouse or dependent either when the services were provided or when they paid for them. These premiums can only be deducted if they, along with other medical expenses, exceed 7.5% of their Adjusted Gross Income (AGI).

Key Point: You can generally include medical expenses you pay for yourself - see IRS Publication.