My husband has Silver Script prescription plan. Is the premium deductible and where do I enter it?

[Texas Roger · Accepted solution]

Yes it is deductible as a medical expense. To enter a medical expense, type medical expense in the search box and click on jump to medical expense.

Medical expense is an itemized deduction. It is limited because only the amount in excess of 7.5% of AGI can be deducted and then only if the total of all your itemized deductions exceed the standard deduction. There have been a lot of changes in itemized deductions that reduce what can be deducted for some people. And the standard deductions have nearly doubled since last year so many who itemized in the past won't need to because the standard deduction is so large. Here are the new standard deductions:

Single - $12,000 add $1,600 if age 65 or older

Married Filing Separately - $12,000 add $1,300 if age 65 or older

Married Filing Jointly - $24,000 add $1,300 for each spouse age 65 or older

Head of Household - $18,000 add $1,600 if age 65 or older