I do not get the health insurance that is offered through my employer. I get my health insurance on my own and pay for it with my money that taxes have already been taken from. So I am paying with Post-income taxed money.
2007-01-02 13:41:38 · 10 answers · asked by when and how 4 in Business & Finance ➔ Taxes ➔ United States
It sounds as though you may be able to as long as you itemize and meet all the other criteria. See the link below for more details.
2007-01-02 13:58:00 · answer #1 · answered by Mr. Zimmer 3 · 0⤊ 1⤋
Yes, all money paid for medical costs, including medical insurance, co-pays, rx, etc can all be tallyed and serve as a deduction in your income taxes. However, there is a certain amount that is stated as a percent of your income that the total has to hit before it can count as a deduction. I think it is something like 10% of your gross income, which for most people is a lot.
2007-01-02 21:45:22 · answer #2 · answered by non_apologetic_american 4 · 0⤊ 1⤋
Yes, there's a certain minimum amount. I can't remember what the amount is, it's around 7.5% of your income. Turbo Tax does ask this question as part of it's deduction finder. You can also add in the amount you paid for co-pay on your doctor's visits and bills.
2007-01-02 21:44:39 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋
If you don't itemize, you might want to look into opening a HSA (health savings plan.) The account is paid with pretax dollars, so it may or may not be beneficial for you. Seek advice from a financial advisor for more info.
2007-01-02 21:57:05 · answer #4 · answered by chelle8079 2 · 0⤊ 0⤋
Your medical expenses have to exceed 7.5% of your adjusted gross income. For example, if your income is $10,000 - you can only deduct the expense portion that is greater than $750. If your total expenses are $2,000 - your deduction is $1250.
http://www.irs.gov/publications/p502/ar02.html#d0e299
2007-01-02 23:39:55 · answer #5 · answered by blondie172 2 · 1⤊ 0⤋
You can take it out if you itemize your deductions, if it's over a certain percentage of your income. It's always best to get Tax software to determine if it's best to itemize or not.
2007-01-02 21:44:12 · answer #6 · answered by Nette 5 · 0⤊ 1⤋
It could be tax deductible under the medical deductions if you itemize and it is over 7.5% of your AGI
2007-01-02 21:43:19 · answer #7 · answered by D 2 · 4⤊ 0⤋
Yes, they are!
However, they are subject to excluding amounts less than 7.5% of AGI.
See the instructions for schedule A concerning this.
2007-01-02 21:43:57 · answer #8 · answered by Molly 6 · 1⤊ 0⤋
If it is, I'm gonna kick my own butt for not looking into it back in the day when I was paying out of my pocket for it. Good luck, dude.
2007-01-02 21:43:26 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I've done the same... I'm told I can't deduct by my tax preparer. Sorry.
2007-01-02 21:44:09 · answer #10 · answered by Mike S 7 · 0⤊ 1⤋