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wizikowski
New Member

I have already filed my income tax for 2016 and after talking to our accounts about our Schedule K I realize that I didn't deduct our Health and Dental Insurance Premiums.

My total expense for my premiums was just over $5,000. Is it even worth it to file an amended return?
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IreneS
Intuit Alumni

I have already filed my income tax for 2016 and after talking to our accounts about our Schedule K I realize that I didn't deduct our Health and Dental Insurance Premiums.

UPDATED FOR TAX YEAR 2019

 

It depends on the amount of medical expenses entered on the original return and your adjusted gross income (AGI).  Before you start to amend your return, please keep in mind the following about deducting your medical expenses, including premiums for health and dental insurance:

  • You don't get the benefit if you are taking the standard deduction.
  • If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income.  

[Edited | 4/1/2020 |  11:48am PDT]

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1 Reply
IreneS
Intuit Alumni

I have already filed my income tax for 2016 and after talking to our accounts about our Schedule K I realize that I didn't deduct our Health and Dental Insurance Premiums.

UPDATED FOR TAX YEAR 2019

 

It depends on the amount of medical expenses entered on the original return and your adjusted gross income (AGI).  Before you start to amend your return, please keep in mind the following about deducting your medical expenses, including premiums for health and dental insurance:

  • You don't get the benefit if you are taking the standard deduction.
  • If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income.  

[Edited | 4/1/2020 |  11:48am PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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