You'll need to sign in or create an account to connect with an expert.
The premiums for medical insurance paid by you can be deducted as a medical expense deduction on your federal tax return. The amount that can be deducted is the amount in excess of 7.5% of your Adjusted Gross Income. You may get a tax benefit if the total of all your itemized deductions exceed the standard deduction for your filing status. Since standard deductions were increases substantially starting with tax year 2018, fewer people have enough itemized deductions to get any benefit from them.
Here are the standard deduction amounts:
Single - $12,200 add $1,600 if age 65 or older
Married Filing Separately - $12,200 add $1,600 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,600 if age 65 or older
that depends on whether you employer has a Flexible Savings Account benefit program or not. with an FSA those payments would be deducted from your gross pay (line 1 of W-2) so you would not be entitled to a deduction for them. unsure? if that's the case. only your employer can answer.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
wcp0031938
New Member
des366
New Member
bmeadows63
New Member
mariallende
New Member
sgraham003
New Member