Question : Am I able to write off Health Insurance Premiums for tax purposes at the end of the year?
I am looking to purchase my own health insurance instead of going through my company. I know that the company takes out the cost on a pre-tax basis, but their insurance is not the greatest. If I do decided to sign up for health insurance, will I be able to use the cost of my own health insurance as a deduction fo tax purposes?
- asked by Marcus W
All Answers:
Answer #1
I think so
- answered by karenmbs
Answer #2
If you talk to your accountant,. he can explain itfully.Basically, you can deduct medical & dentalexpenses, insurance premiums, medical relatedtravel, as part of yout itemized deduxtions. Ifyou don't itemize, you're out of luck.
- answered by Richard W
Answer #3
You may deduct qualified medical expenses you payfor yourself, your spouse, and your dependents,including a person you claim as a dependent undera Multiple Support Agreement. You can also deductmedical expenses you paid for someone who wouldhave qualified as your dependent for the purposeof taking personal exemptions except that theperson did not meet the gross income or jointreturn test. You deduct medical expenses on Form1040, Schedule A (PDF), Itemized Deductions. Thetotal of all allowable medical expenses must bereduced by 7.5% of your Adjusted Gross Income. Formore information, refer to Publication 502,Medical and Dental Expenses.
- answered by Chris S
Answer #4
Your medical and dental expense on your itemizeddeduction schedule is reduced by 7.5% of youradjusted gross income. Your pretax healthcoverage through your employer is in effect 100%tax free(as if you deduct the full amount). Henceyour tax savings will be greater through youremployer provided plan even if you itemize onschedule A.
- answered by noahzane
Answer #5
Health insurance is not deductible for individualsunless done through a Section 125 plan. Even inthat case, you can't deduct the expense, you canonly pay for it with pre-tax dollars.
- answered by united9198
Answer #6
The following paragraph is taken from an IRSpublication regarding Itemized Deductions.Medicalexpenses include insurance premiums paid foraccident and health or qualified long-term careinsurance. You may not deduct insurance premiumsfor life insurance, for policies providing forloss of wages because of illness or injury, orpolicies that pay you a guaranteed amount eachweek for a sickness. In addition, the deductionfor a qualified long–term care insurancepolicy's premium is limited. Refer to Publication502 , Medical and Dental Expenses.
- answered by STEVEN F
Answer #7
Yes. Ins premium, doctor visits, prescriptiondrugs, contact lenses, and necessarily surgery orpurchases are deductible. Over the counter drugsand unnecessarily surgery like boob jobs arenot.You add them all up, substract any medicalreimb and thats your medical tax deduction. but itis limited to 7.5% of your Adjusted Gross Income(which is your income - adjustments), so if youmake too much money you most likely cant take thebenefit. If you want to save more money, add inyou over the counter drugs.
- answered by fcsgolden
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measure and fulfill your financial needs
