Are insurance premiums for Vision/eye care deductible? I pay premiums for Vision Insurance.
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Yes, you can include these expenses as health insurance premiums as long as they were not paid pre-tax from your paycheck.
Having said that, your entire medical expenses amount is only allowed to the extent it exceeds 10% of your adjusted gross income (or 7.5% if you are 65 or older). In addition, your total itemized deductions must exceed the standard deduction to benefit from this.
Other itemized deductions include items such as medical expenses (reduced by a certain threshold), real estate taxes, state and local income taxes paid, mortgage interest, charitable contributions, casualty losses and other miscellaneous expenses.
The instructions below will help you enter your Medical Expenses.
If you are using TurboTax Online, except Home & Business:
1. Click on Federal Taxes, then Deductions & Credits
2. Check your list for Medical Expenses. If you don't see it listed, click on Check for other tax breaks and then Jump to full list
3. Scroll down to Medical and click on Show more
4. Click on Start/Edit next to Medical Expenses
If you are using TurboTax Desktop or TurboTax Online - Home & Business Version:
1. Click on Federal Taxes (Personal, if using Home & Business)
2. Click on Deductions & Credits
3. Select I'll choose what I work on
4. Find Medical Expenses under the Medical category, click on Start/Update
Yes, you can include these expenses as health insurance premiums as long as they were not paid pre-tax from your paycheck.
Having said that, your entire medical expenses amount is only allowed to the extent it exceeds 10% of your adjusted gross income (or 7.5% if you are 65 or older). In addition, your total itemized deductions must exceed the standard deduction to benefit from this.
Other itemized deductions include items such as medical expenses (reduced by a certain threshold), real estate taxes, state and local income taxes paid, mortgage interest, charitable contributions, casualty losses and other miscellaneous expenses.
The instructions below will help you enter your Medical Expenses.
If you are using TurboTax Online, except Home & Business:
1. Click on Federal Taxes, then Deductions & Credits
2. Check your list for Medical Expenses. If you don't see it listed, click on Check for other tax breaks and then Jump to full list
3. Scroll down to Medical and click on Show more
4. Click on Start/Edit next to Medical Expenses
If you are using TurboTax Desktop or TurboTax Online - Home & Business Version:
1. Click on Federal Taxes (Personal, if using Home & Business)
2. Click on Deductions & Credits
3. Select I'll choose what I work on
4. Find Medical Expenses under the Medical category, click on Start/Update
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