Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
JDGotwald
New Member

Deduction for Health Insurance Premiums

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? 

3 Replies
ToddL99
Expert Alumni

Deduction for Health Insurance Premiums

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?

JDGotwald
New Member

Deduction for Health Insurance Premiums

A follow-up question...

Can I deduct the premiums I paid for supplemental insurance and prescription drug coverage?

JoannaB2
Expert Alumni

Deduction for Health Insurance Premiums

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.

 

 

 

Dynamic AdsDynamic Ads
Privacy Settings
v