I work full time and newly divorced - I had to acquire health insurance for myself and pay for it now - can i claim what i pay for health insurance on my taxes

[mafiafamily4]

I started paying for my own health insurance as of July 2022

[xmasbaby0]

If you are itemizing deductions for mortgage interest, etc. you can include medical expenses as a deduction.  It is a very tough deduction to get.    Premiums you are paying out of pocket for health insurance can be entered.

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 2022—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

2022 STANDARD DEDUCTION AMOUNTS

SINGLE $12,950  (65 or older + $1750)

MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

Legally Blind + $1750

[Bsch4477]

You can deduct it if you are self employed but if you are an employee you would have to deduct it as a medical expense. But then you would have to itemize and can only deduct a total amount of medical expenses greater than 7.5% of your AGI. 

[mafiafamily4]

My employer does not offer any type of  health insurance benefits so I have to pay for My independent Health Insurance out of pocket - so the answer would be no, i cannot claim the premium of 7500 each year that i pay out of pocket for health insurance?  

[xmasbaby0]

@mafiafamily4 That was expensive health insurance.  But....you are subject to the limitations of the tax laws.  You can only deduct the amount of medical expense that is above 7.5% of your AGI, and unless you also have enough other itemized deductions like mortgage interest, property tax, etc., the medical expense will have no effect on your tax due or refund.

[mafiafamily4]

Thank you so much for responding.  Why is NYS health insurance so expensive -  thank you so much I appreciate all the replies