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lora1
New Member

Are my health care premiums a deduction? My insurance is not through my employer and i pay it out of pocket every month.

 
1 Reply
IreneS
Intuit Alumni

Are my health care premiums a deduction? My insurance is not through my employer and i pay it out of pocket every month.

Yes - Your health care premiums are deductible as a medical expense. Please keep in mind the following about deducting your medical expenses:

  • 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:7.5% of your adjusted gross income if you are age 65 or over (born before January 2, 1951).


To edit your medical expenses in TurboTax, please follow these steps:

  1. Click on Federal > Deductions & Credits 
  2. In the Medical section, click on the Start/Revisit box next to Medical Expenses
  3. TurboTax will then ask you if your total medical expenses exceed a certain number.  [That's the 7.5% AGI mentioned above.]  
  4. If you think your total medical expenses will exceed that number, continue through the interview, entering the requested information on your medical expenses.


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