I have medical insurance through work. The company pays 70% and I pay 30%. Is my share deductable when filing?

Answer 1

Is the portion that you pay pre-tax? for example through a cafeteria plan? This means you would not be paying tax on these wages. If so, you will not get to deduct it on your taxes because you already received a tax benefit for this.

If you pay your health insurance after tax, it would be an eligible medical expense. However, you would have to be able to itemize your deductions on Schedule A on your tax return. Your medical expenses would have to exceed 7.5% of your adjusted gross income (AGI).

If this was your only medical expense, it will most likely not be enough to enable you to deduct them.

Answer 2

If you file as an employee (W-2), the health insurance you pay is deductible as long as it exceeds 7.5% of your adjusted gross income but only as a medical expense on Schedule A; but only if you itemize. If you do not
itemize, you cannot deduct it.

If you file as a self-employed person, you can deduct the entire amount on Page 1 of Form 1040 (see adjustments to gross income).

Answer 3

It is unlikely that you are paying the premiums with after-tax dollars. Confirm this with your payroll department.

Since you did not pay tax on your share of the premiums, you cannot deduct those premiums from your taxable income.

Answer 4

If you itemize, your share of the medical insurance premiums can be taken as medical expenses. You can only claim medical expenses that exceed 7.5% of your adjusted gross income.

Answer 5

Only if your payments are made with tax paid dollars. If your payments are taken pre-tax, you get no further deduction since they're already deducted from your income.

Answer 6

Yup. Also, don't forget mileage for medical travel. Frequent trips to the doc or hospital or drugstore can add up.

Answer 7

Yes so is your premium anything you pay is deductible.