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nightfli
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Can I deduct what I pay for my medical insurance (premiums, I think) as qualified medical expenses?

I am at the question here: "Did you spend more than $1,853 on medical expenses in 2023?"
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2 Replies

Can I deduct what I pay for my medical insurance (premiums, I think) as qualified medical expenses?

Health care insurance premiums, including dental and vision insurance premiums, and other medical expenses that you paid with out of pocket funds and were not reimbursed 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.


Standard deductions for 2023

Single - $13,850 add $1,850 if age 65 or older
Married Filing Separately - $13,850 add $1,500 if age 65 or older
Married Filing Jointly - $27,700 add $1,500 for each spouse age 65 or older
Head of Household - $20,800 add $1,850 if age 65 or older

Can I deduct what I pay for my medical insurance (premiums, I think) as qualified medical expenses?

the reason for the $1853 is that qualified medical expenses are reduced by 7.5% of adjusted gross income to arrive at the deductible amount -. so this number is probably the 7.5%. If you don't have medical expenses in excess of this amount there will be no tax benefit. you may still want to enter them if you have a state income tax that may allow the deduction. 

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