Can I deduct for my prescription drug premium?

[loligirl7]

I pay monthly out of pocket  for my prescription Premium

[MinhT1]

Yes, prescription drug insurance premiums are medical insurance premiums and are deducted as medical expenses.

You can claim all medical and dental bills, prescription drugs and health insurance premiums paid out-of-pocket as Medical Expenses in Schedule A - Itemized Deductions

For tax year 2023, Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only benefit your taxes when they exceed your standard deduction.

For tax year 2023, standard deductions are:

• $27,700 for married couples whose filing status is “married filing jointly” and surviving spouses;
• $13,850 for singles and married couples whose filing status is “married filing separately”; and
• $20,800 for taxpayers whose filing status is “head of household.”

The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

• $1,500 for married individuals; and
• $1,850 for singles and heads of household.

In TurboTax Online, you can enter Medical expenses by following these steps:

1. Open your tax return
2. Click on the down arrow on the right of Federal in the left-hand column, then on Deductions & Credits
3. Locate the section Medical and click on the arrow on the right 
4. Click Start next to Medical Expenses.