Yes. You can deduct any health
insurance premiums you paid (including dental and vision insurance).
Please keep in mind
the following about deducting your medical expenses, including health
insurance:
- You don't get the benefit if you
are taking the standard deduction.
- If you itemize deductions, you
will only be able to take total medical expenses that are greater
than:
- 10% of your adjusted gross income
if you are under age 65; or
- 7.5% of your adjusted gross income
if you are age 65 or over (born before January 2, 1951).
To enter your insurance premiums in TurboTax, please follow these steps:
- Click on Federal Taxes >
Deductions & Credits [In TT Self-Employed:
Personal > Deductions & Credits > I'll choose what
I work on].
- In the Medical section,
click on the Start/Revisit box next to Medical Expenses.
[See Screenshot #1 below.]
- If you haven't yet entered any
medical expenses, TurboTax will ask you if your total medical expenses
exceed a certain number. [That's the 10% AGI or 7.5% AGI mentioned
above.] [Screenshot #2]
- If you think your total medical
expenses will exceed that number, click the blue Yes box and
continue through the interview, entering the requested information on your
medical expenses.
- You will come to a screen,
Enter Insurance Premiums, where you can make the entry for both health
insurance and long-term care insurance premiums. [Screenshot #3]
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