- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I pay 100% of cost of individual health plan I obtained thru a state exchange & declined a new employers options due to network limitations. Can I deduct my premiums?
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I pay 100% of cost of individual health plan I obtained thru a state exchange & declined a new employers options due to network limitations. Can I deduct my premiums?
Out of pocket insurance premiums are deducted on the Sch A along with all your other medical expenses subject to a threshold ...
If you itemize, Schedule A, Itemized Deductions needs to be included on your return. This schedule lists (itemizes) certain deductible expenses, including:
· Medical and dental costs above and beyond 10% of your AGI (or 7.5% if you or your jointly-filing spouse are 65 or older)
· State, local, real estate, and personal property taxes
· Home mortgage interest and PMI
· Charitable donations and gifts
· Casualty or theft losses
· Unreimbursed employee expenses above and beyond 2% of your AGI
The IRS lets you claim either the standard deduction or the itemized deduction. After you finish going through the Deductions & Credits section, we'll figure out which deduction (standard or itemized) gives you the biggest tax break. You can also manually override our recommendation if you wish.
When itemizing, TurboTax automatically fills out your Schedule A and chooses the 1040 long form. You cannot itemize if you're filing Form 1040-A or 1040-EZ or if you're using TurboTax Federal Free Edition, which doesn't support Schedule A.
Related Information:· How does the itemized deduction differ from the standard deduction?
Still have questions?
Make a post