Hi,
I am retired and have retiree health care coverage through my previous employer. I pay for the entire premium but it is not a marketplace policy. It is through Aetna. Can I itemize and deduct those monthly premiums on my 1040?
You'll need to sign in or create an account to connect with an expert.
Yes, you can include the amount that you pay out of pocket with after-tax dollars as part of your itemized expenses.
Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your insurance premium payments.
The 2023 Standard Deductions are as follows:
Blind and MFJ or MFS add $1,500
Single or HOH if blind add $1,850
Yes, you can include the amount that you pay out of pocket with after-tax dollars as part of your itemized expenses.
Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your insurance premium payments.
The 2023 Standard Deductions are as follows:
Blind and MFJ or MFS add $1,500
Single or HOH if blind add $1,850
yes you take a medical expense deduction on schedule A. To be of any benfit your itemized deductions must exceed your stndaard deduction
Standard deduction 2023
MFJ & QSS $27,700 (1)
Single $13,850 (2)
HOH $20,800 (2)
MFS $13,850 (1)
(1) Add $1,500 for age 65 or blind, each
(2) add $1,850 for age 65 or blind, each
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
theleeb
Level 3
Raph
Community Manager
SteveA417
Level 1
mentges2
New Member
mlinsky4941
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.