medical insurance premiums

[gb51]

On the question, "Did you spend more than $6,292 on medical expenses in 2025?" - are medical insurance premiums paid out of pocket count?  I am retired and on short term insurance.  Not on Obama care or Medicare.

[xmasbaby0]

Yes---out of pocket medical insurance premiums can be entered as a medical expense.

If you receive Social Security benefits, your Medicare is deducted from your SS.   When you enter the SSA1099 for your Social Security, the amount paid for Medicare flows automatically to the medical expense section of the software, so do not enter it again.

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2024—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

[Mike9241]

are medical insurance premiums paid out of pocket a deductible medical expense? - yes they are. if you are self-employed -then it's likely you can take a self-employment health insurance deduction for them  - schedule c 

maybe even schedule E if a partner, if a stockholder in an s-corp there are special rules that would affect your ability to deduct them on page 1 of your 1040 rather than on schedule A, 

[gb51]

Thank you.  I am not self employed or receiving a paycheck of any kind.  I took early retirement with no medicare available yet. 

[gb51]

thank you.  Not receiving Medicare yet so this insurance is costly but not as costly as Obama care would be with the retirement income