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February 21, 2020
Question

I elected to purchase individual health coverage even though my employer provided it. Are those Premiums deductible? Note: the coverage did not meet the federal minimum.

  • February 21, 2020
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1 reply

February 21, 2020

Yes - Your health insurance premiums are deductible.

 

However, please keep in mind the following about deducting your medical expenses, including health insurance:

  • You don't get the benefit if you are taking the standard deduction.
  • If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income

 

NOTE:  If you are receiving Social Security benefits, TurboTax automatically transfers the premiums paid for Medicare Part B to your Schedule A.  You do not need to enter these amounts again.  

 

To enter your medical expenses, please follow these steps:

  1. Click on Taxes > Deductions & Credits 
  2. In the Medical section, click on the Start/Revisit box next to Medical Expenses.  
  3. If you haven't yet entered any medical expenses, TurboTax will ask you if your total medical expenses exceed a certain number.  [That's the 7.5% AGI mentioned above.]   
  4. If you think your total medical expenses will exceed that number, click the blue Yes box and continue through the interview, entering the requested information on your medical expenses.