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I am on medicare and my dependent has private health insurance that I pay for, is the insurance deductible on my taxes?

 
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3 Replies

I am on medicare and my dependent has private health insurance that I pay for, is the insurance deductible on my taxes?

You can deduct medical insurance that you pay for a dependent if you are paying out of pocket for it.

 

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 2023—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

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

 

**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.**
Vanessa A
Employee Tax Expert

I am on medicare and my dependent has private health insurance that I pay for, is the insurance deductible on my taxes?

Medical insurance is deductible if you are self-employed as self-employed health insurance or if you itemize your taxes.  

 

If you are self employed, both your dependents private insurance and your Medicare and any Medigap coverage would be deductible.   

 

If you are not self-employed, you would still be able to deduct both, however, if your total itemized expenses are not greater than your standard deduction, then you would not benefit from the medical insurance premiums. 

 

Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI, charitable donations, gambling losses up to winnings and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.  Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI.  This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.  

 

Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your insurance premium payments. 

 

The 2023 Standard Deductions are as follows:

  • Married Filing Joint (MFJ)              $27,700
  • Married Filing Separate (MFS)      $13,850
  • Head of Household (HOH)             $20,800 
  • Single                                                     $13,850                                

Blind and MFJ or MFS add $1,500

Single or HOH if blind add $1,850

 

Deducting Insurance Premiums if you are self employed. 

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Tigger44
New Member

I am on medicare and my dependent has private health insurance that I pay for, is the insurance deductible on my taxes?

Yes, provided that you meet the IRS dependency rules for your dependent, your dependent's health insurance is deductible.😊

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