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C_u
Level 1

1095-B

No where to put the only thing that shows that I have health  insurance.

1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

1095-B

You don't enter a Form 1095-B in your tax return. It doesn't affect your taxes. Just keep it with your tax records in case there is any question about what kind of health insurance you had.


On your federal tax return you do not have to show that you had health insurance. You only have to enter health insurance information if you had insurance from the Marketplace ("Obamacare").

 

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5 Replies
rjs
Level 15
Level 15

1095-B

You don't enter a Form 1095-B in your tax return. It doesn't affect your taxes. Just keep it with your tax records in case there is any question about what kind of health insurance you had.


On your federal tax return you do not have to show that you had health insurance. You only have to enter health insurance information if you had insurance from the Marketplace ("Obamacare").

 

C_u
Level 1

1095-B

Thank you for taking the time to answer my question. Your answer is very helpful and well appreciated!

1095-B

Does this mean that amounts reported on 1095-B for health Insurance Premium cannot be deducted on your tax return? 

Since we continued a COBRA coverage, we did not use the marketplace, we paid high premiums due to family member being a Cancer survivor - How do I get the deduction? 

1095-B

1095-B

@C_u You are confusing entering the actual 1095B form with entering an itemized deduction for medical expenses.   You do not enter the 1095B anywhere.   You can, however, use medical bills and health insurance premiums you paid in 2021 as an itemized deduction if you are itemizing.

 

The trouble is that it is very difficult to meet the threshold for claiming a deduction for medical expenses, and you still have to be able to enter enough other itemized deductions to exceed your standard deduction.   It is very hard for most folks to have enough deductions to have an effect.

 

When you enter medical expenses in TurboTax, it asks you a whole lot of questions to help you include everything that can be entered.  Really what matters in the end is the total of all of it; that is what will go on your tax form, so don't get too frazzled trying to make sure everything is in the "right" category as long as you enter it all, and do not enter anything twice. 

 

 

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 2021—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

 

 

2021 STANDARD DEDUCTION AMOUNTS

 

SINGLE $12,550  (65 or older + $1700)

 

MARRIED FILING SEPARATELY $12,550  (65 or older + $1350)

 

MARRIED FILING JOINTLY $25,100  (65 or older + $1350 per spouse)

 

HEAD OF HOUSEHOLD  $18,800  (65 or older +$1700)

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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