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Prepaid insurance premiums are deductible when paid as long as they don't apply to a period extending more than 12 months after the end of the taxable year when the payments were made.
How does one enter the prepaid amount of insurance that I prepaid for 2020 in December 2019 on my Turbotax. I see on schedule "A" the line 1 pulling medical and dental expenses from Worksheet Schedule A line 14.
My main item on this worksheet comes from form 1095-A provided by health insurance marketplace but they only list premiums billed not paid. Where do I enter the prepayment amount for 2020??
No, not self employed or employed but also not retired so I still need the best deductions and this helps me exceed the standard deduction every other year.
According to Prepaid Insurance Premiums in IRS Publication 502, Medical and Dental Expenses:
Premiums you pay before you are age 65 for insurance for medical care for yourself, your spouse, or your dependents after you reach age 65 are medical care expenses in the year paid if they are:
[Emphasis mine.]
Any insurance premiums that are deductible would be entered as medical expenses on Schedule A.
Please see the TurboTax Help article “Where do I enter my medical expenses?” for entry guidance.
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