Hi,
I am retired and have retiree health care coverage through my previous employer. I pay for the entire premium but it is not a marketplace policy. It is through Aetna. Can I itemize and deduct those monthly premiums on my 1040?
Yes, you can include the amount that you pay out of pocket with after-tax dollars as part of your itemized expenses.
Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI 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:
Blind and MFJ or MFS add $1,500
Single or HOH if blind add $1,850
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