I am deducted from my check, $400.00 a month for Health Ins. . Do I add this to my tax form as part of medical expense?
2007-03-15 06:46:28 · 4 answers · asked by Mama 2 in Business & Finance ➔ Taxes ➔ United States
NO! That money should already be exempt from taxes. I know my health ins. payment is taken from pre-tax money.
2007-03-15 06:50:56 · answer #1 · answered by Baked n Blended 5 · 0⤊ 0⤋
If it's pre-tax (most are) then you can't deduct it. If it's not pre-tax, you can deduct it as a medical deduction subject to the 7.5% AGI limitation.
2007-03-15 13:55:57 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Unless your health costs are over 7.5% of your income they are not a deduction.
2007-03-15 13:50:29 · answer #3 · answered by professorc 7 · 0⤊ 0⤋
No. That amount is already in the calculation regarding your taxable income.
2007-03-15 13:54:28 · answer #4 · answered by ? 4 · 1⤊ 0⤋