1099R Insurance Premiums Deduction

Lynn_P2024
Lynn_P2024 Member Posts: 1 Newcomer
in Credits/Deductions

I have a 1099R and both box 1 and 2a are the same amounts. The amount in box 5 is my insurance premiums. The amount of my premiums is included in both box 1 and 2a. Can I deduct the premiums as a medical expense if I itemize my taxes?

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Answers

  • JMSSGV
    JMSSGV Member Posts: 152

    If they do represent the health insurance premiums you paid out of after-tax dollars, then they would be deductible as a medical expense on Schedule A, but would be added to the rest of your qualified medical expenses, and then only the amount of that total that exceeds 7.5% of your Adjusted Gross Income would be deductible. And then, of course, only if you itemize your deductions.

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