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Is Aflac deductible and if so, where at filing

 
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Level 14

Is Aflac deductible and if so, where at filing

UPDATED FOR TAX YEAR 2019

 

Maybe.  You can include in medical expenses insurance premiums you pay for policies that cover medical care. Medical care policies can provide payment for treatment that includes:

 

  • Hospitalization, surgical services, X-rays;
  • Prescription drugs and insulin;
  • Dental care;
  • Replacement of lost or damaged contact lenses; and
  • Long-term care (subject to additional limitations). See Qualified Long-Term Care Insurance Contracts in
  • additional limitations). See Qualified Long-Term Care Insurance Contracts in IRS Pub. 502 - Medical and Dental Expenses.

If you have a policy that provides payments for other than medical care (like lost wages), you can include the premiums for the medical care part of the policy if the charge for the medical part is reasonable. The cost of the medical part must be separately stated in the insurance contract or given to you in a separate statement.

 

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 7.5% of your adjusted gross income.


To enter your insurance premiums 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. 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 mentioned above.]     
  4. 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.
  5. 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. 

 

[Edited | 3/26/2020 |  10:25 am PDT]

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Level 15

Is Aflac deductible and if so, where at filing

What type of Aflac policy?
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New Member

Is Aflac deductible and if so, where at filing

Accident advantage and Aflac choice
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Level 14

Is Aflac deductible and if so, where at filing

UPDATED FOR TAX YEAR 2019

 

Maybe.  You can include in medical expenses insurance premiums you pay for policies that cover medical care. Medical care policies can provide payment for treatment that includes:

 

  • Hospitalization, surgical services, X-rays;
  • Prescription drugs and insulin;
  • Dental care;
  • Replacement of lost or damaged contact lenses; and
  • Long-term care (subject to additional limitations). See Qualified Long-Term Care Insurance Contracts in
  • additional limitations). See Qualified Long-Term Care Insurance Contracts in IRS Pub. 502 - Medical and Dental Expenses.

If you have a policy that provides payments for other than medical care (like lost wages), you can include the premiums for the medical care part of the policy if the charge for the medical part is reasonable. The cost of the medical part must be separately stated in the insurance contract or given to you in a separate statement.

 

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 7.5% of your adjusted gross income.


To enter your insurance premiums 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. 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 mentioned above.]     
  4. 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.
  5. 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. 

 

[Edited | 3/26/2020 |  10:25 am PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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