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Can i deduct my health insurance payments

1 Reply
Level 15
Level 15

Can i deduct my health insurance payments

You can enter health insurance premiums that you paid as medical expenses. (If the health insurance premiums were deducted from your pay before tax, you cannot deduct them on your tax return because they are already deducted from the wages reported on your W-2.) However, 10% of your Adjusted Gross Income (AGI) is subtracted from your total medical expenses. (For 2016, if you are 65 or older, 7.5% of AGI is subtracted.) Only what remains after the subtraction is deductible. If your total medical expenses are less than 10% (or 7.5%) of your AGI, you get no deduction. In addition, medical expenses are an itemized deduction. You will not get any tax benefit from the deduction unless your total itemized deductions are more than your standard deduction.

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