I keep seeing the bold-lettered statements about how much you can deduct for insurance medical expenses that makes me think I'm missing something here...
We do have the Medicare Part B premiums deducted from my SS benefits, but I also pay a monthly premium for a supplemental plan from an insurance company for my spouse and I. We have a dental plan that we also pay premiums for.
Do the monthly payments to the supplemental insurance company count as a deduction?
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Yes, the monthly payments for your supplemental insurance and Medicare Parts B and D are. For more information, review the TurboTax Help article Can I deduct Medicare premiums?
Medicare payments, supplemental health insurance plans, and dental plan premiums that weren't reimbursed are entered under Medical Expenses in the Deductions & Credits section. Medical expenses must exceed 7.5% of your adjusted gross income (AGI) to count toward your itemized deductions and your itemized deductions must exceed your Standard Deduction for your filing status to itemize.
For navigation instructions, refer to the TurboTax article Can I deduct medical expenses? For more information, review the TurboTax Help article Can I deduct Medicare premiums?
For more information on deductions, review the TurboTax article Standard Deduction vs. Itemized Deductions: Which Is Better?
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