You deduct your medical and dental premiums as itemized deductions. The TurboTax section is Deductions and Credits>>Medical, unless you are self-employed. If you are self-employed, and meet the requirements, you can deduct them as self-employed health insurance.
Whether it helps lower your taxes depends on whether they are treated as itemized deductions or self-employed health insurance, and whether your itemized deductions are more than your standard deduction.
Itemized deductions for medical expenses, including health insurance premiums, are subject to a 7.5% AGI “threshold”. In other words, they only “count” to the extent they exceed 7.5% of your adjusted gross income (AGI). And, even your total medical costs exceed the 7.5% AGI threshold, your total itemized deductions must exceed the Standard Deduction for your filing status to make a difference. So, a lot of hurdles to clear before health insurance premiums makes a difference in what you owe.
Self-employed health insurance, on the other hand, gets deducted directly from income as a part of the AGI calculation, without the 7.5% AGI threshold. So, assuming you have taxable income, adding self-employed health insurance will lower the tax you owe. But, even if you are self-employed, you must meet certain requirements to get this favorable treatment for your medical insurance premiums.
You deduct your medical and dental premiums as itemized deductions. The TurboTax section is Deductions and Credits>>Medical, unless you are self-employed. If you are self-employed, and meet the requirements, you can deduct them as self-employed health insurance.
Whether it helps lower your taxes depends on whether they are treated as itemized deductions or self-employed health insurance, and whether your itemized deductions are more than your standard deduction.
Itemized deductions for medical expenses, including health insurance premiums, are subject to a 7.5% AGI “threshold”. In other words, they only “count” to the extent they exceed 7.5% of your adjusted gross income (AGI). And, even your total medical costs exceed the 7.5% AGI threshold, your total itemized deductions must exceed the Standard Deduction for your filing status to make a difference. So, a lot of hurdles to clear before health insurance premiums makes a difference in what you owe.
Self-employed health insurance, on the other hand, gets deducted directly from income as a part of the AGI calculation, without the 7.5% AGI threshold. So, assuming you have taxable income, adding self-employed health insurance will lower the tax you owe. But, even if you are self-employed, you must meet certain requirements to get this favorable treatment for your medical insurance premiums.
Where in my tax forms do I enter my dental insurance premiums?
You deduct your dental insurance premiums as itemized deductions; the TurboTax section is Deductions and Credits>>Medical, unless you are self-employed. If you are self-employed, and meet the requirements, you can deduct them as self-employed health insurance.
Whether it helps lower your taxes depends on whether they are treated as itemized deductions or self-employed health insurance.
Itemized deductions for medical expenses, including health and dental insurance premiums, are subject to a 7.5% AGI “threshold”. In other words, they only “count” to the extent they exceed 7.5% of your adjusted gross income (AGI). And, even your total medical costs exceed the 7.5% AGI threshold, your total itemized deductions must exceed the Standard Deduction for your filing status to make a difference. So, a lot of hurdles to clear before health insurance premiums makes a difference in what you owe.
Self-employed health and dental insurance, on the other hand, gets deducted directly from income as a part of the AGI calculation, without the 7.5% AGI threshold. So, assuming you have taxable income, adding self-employed health insurance will lower the tax you owe. But, even if you are self-employed, you must meet certain requirements to get this favorable treatment for your medical and dental insurance premiums.