Are health insurance policies deductible under expenses?

Yes. Your health insurance premiums along with all medical and dental bills and prescription drugs paid out-of-pocket as Medical Expenses in Schedule A - Itemized Deductions

For tax year 2020, Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only "help" when they exceed your standard deduction.

For 2020, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

• $12,400 for Single
• $24,800 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
• $18,650 for Head of Household
• $12,400 for Married Filing Separately
• If you are over 65 or blind, add $1,300 for each instance if married or add $1,650 each instance if single or head of household

You can enter Medical expenses by following these steps:

1. In TurboTax, open your tax return
2. Click on Federal in the left-hand column, then on Deductions & Credits on top of the screen
3. Scroll down to All Tax breaks, locate the section Medical and click on Show more
4. Click Start next to Medical Expenses.