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cuttingit5
New Member

I have an individual heath insurance plan. Are my Premiums tax deductable

I am retired and my wife is unemployed. I am 62 and not on medicare. How do I deduct the cost of health insurance

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Vanessa
Level 3

I have an individual heath insurance plan. Are my Premiums tax deductable

Yes, individually paid (not employer sponsored) Insurance premiums that cover medical expenses are deductible  as an itemized medical expense on Schedule A.  You will be able to enter these premiums paid under the deductions and credits section of any version of Turbo Tax Deluxe or higher.  

To do so, simply click on

  1.  Federal Taxes Tab  
  2.  Deductions and Credits
  3. scroll down and click on Medical
  4. Click Start next to Medical Expenses
  5. Click Yes to the question did you have any medical expenses
  6. Answer each of the questions until you get to the insurance premium question.  
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
Vanessa
Level 3

I have an individual heath insurance plan. Are my Premiums tax deductable

Yes, individually paid (not employer sponsored) Insurance premiums that cover medical expenses are deductible  as an itemized medical expense on Schedule A.  You will be able to enter these premiums paid under the deductions and credits section of any version of Turbo Tax Deluxe or higher.  

To do so, simply click on

  1.  Federal Taxes Tab  
  2.  Deductions and Credits
  3. scroll down and click on Medical
  4. Click Start next to Medical Expenses
  5. Click Yes to the question did you have any medical expenses
  6. Answer each of the questions until you get to the insurance premium question.  
**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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