2007-03-28 12:37:00 · 5 answers · asked by twinckle29 2 in Business & Finance ➔ Insurance
If its taken out after taxes yes otherwise no. Most employers take out pretax so usually you cant.
2007-03-28 12:43:43 · answer #1 · answered by chellyk 5 · 2⤊ 1⤋
If you are self employed you can use the health insurance premiums as a write off. However, if you are an ordinary consumer that has bought an individual policy, then no. However, you can purchase a qualified high deductible health plan (HDHP) and open a health savings account (HSA) to offset that deductible. The amount you put into your HSA account comes right off your income, like an IRA does. It is a great tax write off benefit, and can be used to pay for lots of stuff your insurance doesn't even cover. Check out www.hsabankusa.com to see what you can use the HSA funds for.
2007-04-01 04:37:41 · answer #2 · answered by nurse ratchet 6 · 0⤊ 0⤋
Yes if you pay them out of pocket or if it is not a pre-tax thing where your employer taxes money out of your wages to pay insurance before tax.
You'd deduct on Schedule A so this would be part of your medical deductions subject to a 7.5% threshold.
If self-employed and had a net profit for the year and your business pays your health insurance premiums, you may be able to deduct those also. Publication 535 at irs.gov would tell you about this.
2007-03-28 14:46:11 · answer #3 · answered by Jo Blo 6 · 1⤊ 0⤋
no.
if your health benefits are through an employer they are taken out of your paycheck pre-tax.
if you pay the premium in full b/c you have an individual plan that amount of monthly premium is also not tax deductible, however if you have a lot of medical expenses and pay a lot in copays/ded etc.... save your reciepts b/c those can be tax deductible.
2007-03-28 13:22:57 · answer #4 · answered by kimmy 2 · 0⤊ 1⤋
if you paying cobra can you claim it on taxes
2015-10-06 06:55:10 · answer #5 · answered by Anonymous · 1⤊ 0⤋