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nwreitmeyer
New Member

Hello when i am adding the medical insurance premiums. Is this the cost of my insurance pulled from my for the whole year? Or just a single month.

 
1 Reply
xmasbaby0
Level 15

Hello when i am adding the medical insurance premiums. Is this the cost of my insurance pulled from my for the whole year? Or just a single month.

The whole year.  But only the amount YOU pay out of pocket, not anything the employer pays.


The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2018—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses


2018 Standard Deductions:

Single   $12,000  (+ $1600 65 or older)

Married Filing Separately    $12,000  (+ $1300 65 or older)

Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

Head of Household  $18,000  (+ $1600 65 or older)


https://turbotax.intuit.com/tax-tips/health-care/medical-expenses-checklist/L6MkxxlyW


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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