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rightydom
New Member

Can I deduct medical insurance premiums that I pay outside of my company?

 
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2 Replies

Can I deduct medical insurance premiums that I pay outside of my company?

Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.


To enter your medical 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


Or enter medical expenses in the Search box located in the upper right of the program screen. Click on Jump to medical expenses

VictoriaD75
Employee Tax Expert

Can I deduct medical insurance premiums that I pay outside of my company?

Yes. Medical insurance premiums are a deductible medical expense. Medical expenses in excess of 7.5% are deductible as an itemized deduction. 

 

Are Medical Expenses Tax Deductible?

 

@rightydom 

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