IT would be very nice If I could
2007-01-31 04:46:58 · 6 answers · asked by joe d 1 in Business & Finance ➔ Taxes ➔ United States
If you pay for your health insurance with pre-tax dollars, the answer is NO.
The medical deductible is after-tax dollars only. The portion you pay of your health insurance from work would have to be paid with monies that are after all taxes are taken out. The other thing with this category on the Schedule A is you only get a percent of this total to deduct. I have found that it has to be a fairly large amount to get the percentage subtracted and then have any amount left to deduct from your taxes.
2007-01-31 04:59:07 · answer #1 · answered by Margaret K 3 · 0⤊ 0⤋
CAUTION: Most employers, pay taxes to the IRS and State on money that is other than the Benefits of health insurance. If the income is not taxed to begin with, you have to claim it as income, and then expend it as a payment (NO GAIN). And a loss of the standard deduction that the government has written in to the tax table. If it was Taxed, the tax table way allow a greater discount of income than the actual amount paid (don't itemize).
Often time we are given more than we deserve, do your homework and check out both approaches.
2007-01-31 12:56:59 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
Sorry, no. Many employers will deduct your premiums from your paychecks with "before-tax" money. However, YOU CAN NOT DEDUCT THEM ON YOUR TAX RETURN. Don't listen to the people above. They are wrong.
Maybe they are listening to the H&R Block people. If that is the case, that's another good reason not to use H&R Block. They don't know tax law.
2007-01-31 12:52:07 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋
If your health insurance premium is deducted from your paycheck before taxes, then no. That is why there are places like H & R Block, ask the experts.
2007-01-31 12:51:34 · answer #4 · answered by smartypants909 7 · 0⤊ 2⤋
Use TurboTax, it's only like $30 and it walks you through every possible deduction you can take (which the one you are asking about is listed on there). It's SO worth the money. (and you get your refund within 10 business days)
2007-01-31 12:53:39 · answer #5 · answered by Lori W 2 · 0⤊ 1⤋
Health insurance premiums paid by you are fully deductible. Your share only. Not the share your employer puts in if any.
2007-01-31 12:52:03 · answer #6 · answered by Eva 5 · 0⤊ 2⤋