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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.
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.
@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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