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January 30, 2024
Question

Is self bought health insurance paid for by the taxpayer eligible for any tax credit or break in 2023 filings? not obamacare but insurance purchased by self

  • January 30, 2024
  • 2 replies
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2 replies

KrisD15
January 30, 2024

It can be added to your Medial Expenses and a portion may be deducted on Schedule A if you Itemize Deductions. 

If you use the Standard Deduction, the expense will not be reported. 

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Employee
January 30, 2024

If you are itemizing deductions like mortgage interest, property tax, etc. then you can enter the health insurance premiums you paid as a medical expense.   Your question is posting from the Free Edition---which does not support itemized deductions.   Unless you have enough itemized deductions to exceed your standard deduction, you will not want to trigger an upgrade to Deluxe by entering medical expenses etc.  

 

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2023—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

 

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**