2007-01-22 01:25:52 · 5 answers · asked by Kenneth M L 2 in Business & Finance ➔ Insurance
Yes, under certain circumstances. You do NOT have to be self-employed. Go here to read more: http://www.irs.gov/publications/p502/ar02.html#d0e1311
Look in the section titled "Insurance Premiums."
2007-01-22 02:06:48 · answer #1 · answered by Suzanne: YPA 7 · 0⤊ 0⤋
Absolutely.
It's an insurance to provide additional coverage against medical expenses and medical expenses are deductible (less the 3% of income rule) therefor you can deduct the expense.
2007-01-25 09:51:36 · answer #2 · answered by Johnny 5 · 0⤊ 0⤋
If you are talking about the amount of medicare tax withheld from your pay or the part of self-employment tax you pay then the answer is no. There is a specific revenue ruling that says this is a tax not medical expense.
If you are talking about the amount withheld from your monthly social security check then the answer is yes because this is truly medical insurance.
2007-01-22 02:02:08 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
depends on what u are talking about.. For food stamps (only if u are disabled or over 65), for sect. 8, yes.. If u itemize taxes, I don't know..
2007-01-22 13:31:18 · answer #4 · answered by chilover 7 · 0⤊ 0⤋
Only if you are self employed.
2007-01-22 01:44:12 · answer #5 · answered by Anonymous 7 · 0⤊ 2⤋