This assumes that these premiums and other medical expenses total over 7.5% of AGI.
2007-03-04 02:35:20 · 4 answers · asked by Dan W 2 in Business & Finance ➔ Taxes ➔ United States
The Cafe 125 premiums are withheld before taxes are figured on your wages, they are not included in Box 1 of the W2 and are not deductible on the Schedule A as they were not taxed on your paycheck.
Publication 502
http://www.irs.gov/publications/p502/index.html
2007-03-04 02:40:11 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Deductible is separate from the premium. Remember the higher the deductible the lower the premium. The lower the deductible the higher the premium. You should your insurance based on what you normally use insurance for. If you tend to visit more frequently use a lower deductible, if you use it for just annual physicals a higher deductible may make sense. Talk with an insurance ad visor to help you make the best choice.
2016-03-28 23:17:16 · answer #2 · answered by Beth 3 · 0⤊ 0⤋
No.
Money in a Section 125 plan comes out of your paycheck "pretax" so you have already received the tax benefit on the front end.
2007-03-04 02:38:54 · answer #3 · answered by Wayne Z 7 · 0⤊ 2⤋
No, because they were taken out pretax, and you can't deduct something you didn't pay tax on in the first place.
2007-03-04 09:13:19 · answer #4 · answered by Judy 7 · 0⤊ 1⤋