Medical insurance premiums deduction

[stsaladin]

My wife and I are retired.  I am on Medicare but my wife is not yet eligible.  Neither of us is self-employed.  She had coverage through my former employer, but we are paying the full premium (the employer is not paying anything).  Can we deduct the premiums that we paid for her health insurance coverage?

[xmasbaby0]

Medical insurance premiums paid out of pocket can be entered as a medical expense.

MEDICAL EXPENSES

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 2024—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

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

[Mike9241]

yes. it goes on schedule A along with other medical expenses. to be of benefit your medical deduction after a reduction by 7.5% of your adjusted gross income + your other itemized deduction must exceed your standard deduction to be of benefit 

joint return standard deduction $29,200 + $1,550 for each of you 65 or older

[cjmarro]

I don't know why Turbo Tax has always been wishywashy on entering Medical Expense deductions on the Federal return because the threshhold is 7.5% of AGI...so what?  Enter them!  You'll get no benefit on the federal return, but they pass over to the state return, and the state threshold is usually lower than the fed's!  Enter them!!

[Linbmw]

Where do I enter my medical premium on my federal return?  I just retired and and I am paying now for my insurance throught my employer. 

Thank you

[xmasbaby0]

@Linbmw

MEDICAL EXPENSES

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 2024—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

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)