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I have a cancer policy and a heart/stroke policy. Can I enter the premiums I pay for these policies under medical insurance policies if I itemize?

 
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3 Replies
rjs
Level 15
Level 15

I have a cancer policy and a heart/stroke policy. Can I enter the premiums I pay for these policies under medical insurance policies if I itemize?

You can deduct the premiums if the policies pay for medical care or treatment. You cannot deduct them if they pay a specific amount per day or per week if you come down with the covered disease or condition.

 

AlanT222
Expert Alumni

I have a cancer policy and a heart/stroke policy. Can I enter the premiums I pay for these policies under medical insurance policies if I itemize?

Your insurance premiums are a qualified deductible expense.
 

Your medical expenses are deductible. However, you can only deduct the amount of total expenses that you paid that are greater than 7.5% of your adjusted gross income.

These expenses are deducted on the Medical and Dental Expenses Section of Schedule A which must be attached to your tax return.

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rjs
Level 15
Level 15

I have a cancer policy and a heart/stroke policy. Can I enter the premiums I pay for these policies under medical insurance policies if I itemize?

@algoldfish 

 


@AlanT222 wrote:

you can only deduct the amount of total expenses that you paid that are greater than 7.5% of your adjusted gross income.


When you enter your medical expenses in TurboTax, enter the full amount that you paid (that was not reimbursed by insurance). TurboTax will subtract 7.5% of your AGI from the total medical expenses that you enter.

 

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