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April 15, 2021
Question

I am retired and get my medical insurance through my old company. Are those premiums deductible?

  • April 15, 2021
  • 1 reply
  • 0 views
I did not get a form 1095 from the plan.

1 reply

April 15, 2021

Yes you can deduct health insurance payments you made if you itemize and are able to claim medical expenses.

 

Possible Itemized Deductions are:

  • Medical and dental costs above and beyond 7.5% of your AGI 
  • State, local, real estate, and personal property taxes ($10,000 limit)
  • Home mortgage interest
  • Charitable donations and gifts

The Itemized Deduction will only be beneficial if you are over the Standard Deduction amount.

 

Standard deductions for 2020 

  • Single - $12,400 add $1,650 if age 65 or older
  • Married Filing Separately - $12,400 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,650 add $1,650 if age 65 or older
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Employee
April 15, 2021

@DanaB27 

I think the question here is whether insurance benefits provided to the retiree should be reported as taxable income.  I don't know the answer without research, do you?  (Would it be reported on a 1099-R?)

 

@DoninGA @dmertz do you know?

@Hal_Al