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Can I claim my monthly health insurance as a medical cost? I am single/widowed with 2 kids
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Can I claim my monthly health insurance as a medical cost? I am single/widowed with 2 kids
Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2019
- Single - $12,200 add $1,650 if age 65 or older
- Married Filing Separately - $12,200 add $1,300 if age 65 or older
- Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
- Head of Household - $18,350 add $1,650 if age 65 or older
To enter your medical expenses -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Deductions and Credits
- Click on I'll choose what I work on (if shown)
- Scroll down to Medical
- On Medical Expenses, click the start or update button
Or enter medical expenses, sch a in the Search box located in the upper right of the program screen. Click on Jump to medical expenses, sch a
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Can I claim my monthly health insurance as a medical cost? I am single/widowed with 2 kids
Note that if you have income from self-employment (including both Schedule C and K-1 income reported as self-employment income) you may be eligible for the self-employed health insurance deduction for premiums you paid for you and your dependents.
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