Question : Are health insurance premiums that I pay and are deducted from my paycheck paid with after-tax dollars?
My health insurance is through my employer but I have to pay part of the premium and it is deducted from my paycheck each pay period. I am filing my taxes and am being asked if the premiums are paid for with after-tax dollars. Any answers?
- asked by davidgherron
All Answers:
Answer #1
They are with after-tax dollars unless you areparticipating in a section 125 plan or the like.
- answered by botygy
Answer #2
No, if your insurance is deducted from yourpaycheck it is paid before taxes. The question isreferring to people who purchase insuranceindividually outside of work.
- answered by lepr0kan
Answer #3
Premiums are tax deductable as a part of yourmedical expenses if you are filing long form. Youadd up every co-pay you made to doctors,hospitals, and prescriptions and the total costyou paid for these premiums and then you get apercent of that total back on your taxes. Anythingthat you paid for any type of health care isdeductable as long as you have a receipt (or inthe case of health premiums you pay) they are onthe W2.
- answered by NYkool
Answer #4
I pay mine with pre-tax dollars because myemployer gives me that oppurtunity. It actuallysays on my paystub that the amount taken from mewas pre-tax. If it doesn't state it on yourpaystub, you'd have to ask whomever does thepayroll at your place of business to confirm howthe deductions were taken from you.
- answered by pinky
Answer #5
You should be able to get that information fromyour HR/company. A lot of companies have whatthey call a "cafeteria plan" which pays yourinsurance first then the rest of the income istaxed.
- answered by Vanilla Child
Answer #6
Your pay stub should have a break down of whatwent where.Taxes are usually taken out firstthing, then other things such as credit union,health ins. and so on. Medical expenses,including ins. are deductible IF they exceed acertain % of you income (long form).And simpleenough, you may be able to ask your employer orsomeone that does payroll. (Hope you get arefund:)
- answered by lonnie
Answer #7
You should be able to tell from your paystatements. If you can't, ask your employer.
- answered by engineer50
Answer #8
It could be either way depending on what kind ofplan your employer has set up.
- answered by Judy
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