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Prepay health insurence for 2018 and deduct in 2017

Can I prepay my 2018 health insurance Premiums in 2017 and deduct from my 2017 self employed taxes?
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7 Replies

Prepay health insurence for 2018 and deduct in 2017

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.

nbb000
New Member

Prepay health insurence for 2018 and deduct in 2017

is there documentation of this in IRS publication?

Prepay health insurence for 2018 and deduct in 2017

harvey7
Returning Member

Prepay health insurence for 2018 and deduct in 2017

So we are thinking the IRS does or does not receive notice of exactly what you paid? I did pre pay under the possibility that the 12 month rule might apply, but then got to thinking maybe BCBS reports "only" the $11,000 that applies to 2017 health insurance..do we know?

Prepay health insurence for 2018 and deduct in 2017

The IRS gets nothing from the insurance company except that you had insurance on the form 1095-a,b or c ... it is done on the honor system until you get audited and have to prove it.

Prepay health insurence for 2018 and deduct in 2017

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.

JohnW222
Expert Alumni

Prepay health insurence for 2018 and deduct in 2017

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:

  1. Payable in equal yearly installments or more often; and
  2. Payable for at least 10 years, or until you reach age 65 (but not for less than 5 years).

[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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