If I paid for health insurance myself since I was not offered one by my employer, can it be deducted on taxes?

Answer 1

Under current tax law, the premiums you paid for health insurance are deductible, but they are deductible as medical expenses, which are limited. Only the portion of your medical expenses that exceeds 7.5% of your adjusted gross income is deductible. Also, if you paid for the health insurance through your employee payroll (it was deducted from your paycheck), it would have been paid with pre-tax dollars. This means that your taxable wages was reduced by the amount of the premiums you paid. In this case, the premiums would not be deductible, period, since you already received a tax benefit from them.

Under Bush's proposal, health insurance premiums that you paid would be fully deductible, and not subject to the 7.5% of AGI limit.

Answer 2

Yes. The insurance, long term disability, out of pocket expenses paid by you, medical mileage (.18 pm), dental too. This can really add up! For your proof of mileage, get print outs from Drs., Dentists, Ortho, Pharmacy, Lab. Count mileage to & from your house and med. provider. Plane or Train fares, parking.
Many people don't have enough to take deductions on Fed, so they don't mess with it, and it will sometimes roll on down to the State deductables.
If a professional is doing your taxes, it may sometimes add a little more to your preparation fees, but it can make hundreds or sometimes thousands of dollars of difference

Answer 3

There has never been any such law. Employers don't have to offer health coverage at all. It's a benefit. A perk. Be grateful you get any help from your employer at all. In these difficult times, many employers are completely cutting health care. Many employers, in fact, I'd argue most, if they do offer employee health coverage, they do not cover any additional for family members. To get a family plan, the employee usually has to pay all additional premiums. Good luck! :0)

Answer 4

You certainly should be able to, but it always depends on your income vs your deductions. Check into a Schedule A, itemized deductions; and also, some states have credits on the main form, for paying for health insurance, out of pocket. It's always a good idea to read the form booklets and find out all the things you qualify for. Many ppl don't take the time and lose out on entitlements.

Answer 5

Yes, as a medical expense, but only if you itemize. Even then, you have to total up all of your medical expenses and subtract 7.5% of your income - you only get to deduct what's over the 7.5%.

Answer 6

No sorry. Health insurance is not a tax write off. You pay for it so when you have an emergency or get sick your not screwed completely in dr. bills

Answer 7

Sounds like that's something Bush wants. However, not right now.