I'm using the taxcut software. While it does say I could deduct premiums if I was with an Hmo, it is not clear if I can deduct my bluecross/blueshield payments which add up to over 4000 a year.
2007-03-09 10:26:35 · 3 answers · asked by blutoadmirer 2 in Business & Finance ➔ Taxes ➔ United States
You can deduct any and all after tax premiums paid for health care, dental care, vision, Medicare, etc.
If you pay for the premiums from your pocket and not payroll withholding you know it is after tax money and can be deducted.
If the premiums come directly out of your pay check you will want to consult with your payroll department about wither it is before or after tax money that is used to pay, If it is after tax money than you can deduct it on your Schedule A subject to a 7.5% floor. If it is pre-tax money than you already got a better tax deduction (with out limits) from your employer and you can not deduct that from your tax return,
2007-03-09 10:36:20 · answer #1 · answered by jks_mi 3 · 2⤊ 0⤋
Unreimbursed medical expenses are deducted on Schedule A of the 1040 tax form subject to a 7 1/2% limit of you adjusted gross income. What this means is that the first 7 1/2% of your adjusted gross is not deductible. anything over that is. If the deduction is higher than your standard deduction youi can take it. Good luck.
2007-03-09 10:31:54 · answer #2 · answered by cinsingl83 3 · 0⤊ 1⤋
Health insurance premiums are deductible if you itemize. All medical exenses are subject to a 7.5% AGI limitation so the value of the deduction will be somewhat limited.
2007-03-09 10:31:56 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋