I am retired and on Medicare. My wife is not yet eligible for Medicare and her job doesn't provide health insurance so she pays a substantial premium for her health insurance. Are her health insurance premiums deductible either on federal or state (Ohio) income tax?
Yes, your wife's health insurance premiums are deductible on your federal and state (Ohio) income taxes, but that deduction is subject to limitations.
To deduct unreimbursed, out-of-pocket medical, dental, and vision costs on your federal return:
- You must take the itemized deduction;
- The expenses for you, your jointly-filing spouse, and your dependent(s) must exceed 7.5% of your AGI (adjusted gross income); and
- Only the portion above and beyond 7.5% of your AGI is deductible.
For additional information, see: Can I deduct medical, dental, and vision expenses?
It depends, The premiums purchased through the Health Insurance Marketplace are deductible on federal return, and may be on state return. In 2021, taxpayers can deduct qualified unreimbursed medical expenses over 7 1/2% of the adjusted gross income. If you received form 1095-A enter the information on the tax return. The amount of premiums paid will be transferred over to Schedule A (Itemized Deduction), if you're qualified to claim itemized deductions. If you're self-employed, you can claim the premiums as adjustment to your income or a business expense on Schedule C.