Tax question?

Question

I paid for half of my medical insurance (my employer paid the other half). Can I deduct what I paid from my taxes?

Answer 1

First of all, only if you itemize your deductions on Schedule A. Secondly, the first sseven and a half percent of your AGI is not deductible as medical expenses. The itemized deductions must be more than your standard deduction which is based on your filing status. If you can think of any other medical expenses such as copays or deductibles you had to pay, these can also be considered toward the tax deduction. Refer to IRS Pub 17 for more info. Good luck.

Answer 2

Sometimes health insurance payments are taken out of your paycheck pre-tax - if they were then no you can't deduct them since you didn't pay tax on the money in the first place.

If they were paid after-tax, then the premiums count toward medical expenses. You can deduct medical expenses only if you itemize. And you can only deduct medical expenses that exceed 7.5% of your income.

Itemized deductions aren't deducted from your taxes, they're deducted from your income before you figure your taxes.

Answer 3

check out Health Savings Accounts(HSA); they are tax-favored accounts similiar to IRAs which help people who don't have enough itemized deductions to help them on Schedule A but can receive some tax benefits for their medical and dental expenses.

Answer 4

You may on Schedule A. But you can only deduct it if your aggregate medical costs exceed 7.5% of your AGI.

Answer 5

yes you can