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February 14, 2020
Question

can I deduct amount paid for medical insurance, i.e. medicare , Blue Cross Blue Shield?

  • February 14, 2020
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Employee
February 14, 2020

Medical insurance premiums are an itemized deduction. You can deduct the total of all unreimbursed medical expenses in excess of 7.5% of your AGI as an itemized deduction. You may get a tax benefit if the total of all your itemized deductions is more than the standard deduction for your filing status.

 

With the substantial increase that occurred in standard deductions 2 years ago, many filers find that the standard deduction is more than their itemized deduction total. Here are the standard deductions for 2019:

 

Single - $12,200 add $1,600 if age 65 or older
Married Filing Separately - $12,200 add $1,600 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,600 if age 65 or older