Can I deduct theirs on tax return?
2007-02-21 09:22:49 · 4 answers · asked by atlast 1 in Business & Finance ➔ Taxes ➔ United States
Yes. However, if you pay their health insurance with pre-tax dollars, it's not deductible. If you pay post-tax, it is deductible but all medical deductions are subject to a 7.5% AGI limitation.
2007-02-21 11:32:21 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If it's paid post-tax, then you could claim the portion that you actually pay as a medical deduction if you itemize. To claim medical deductions, you add up all eligible expenses and subtract 7.5% of your income - you can only deduct the part that's over the 7.5%.
2007-02-21 09:46:43 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes, but only the portion that you are actually paying. Also, to deduct, your medical expenses need to be more than 2% of your adjusted gross income. If the amount falls under the 2%, you will not be able to deduct it.
2007-02-21 09:27:08 · answer #3 · answered by Lori W 2 · 0⤊ 3⤋
You must be imetizing your deductions on the Schedule A,
Medical Expenses must exceed 7.5% of your adjusted gross income.
http://www.irs.gov/publications/p502/index.html
2007-02-21 09:45:51 · answer #4 · answered by Rob 7 · 1⤊ 1⤋