In regards to itemized deductions, i believe you can take copays, prescriptions meds, etc as deductions, but how about the premiums you pay?
2007-04-16 05:23:59 · 6 answers · asked by glorymomof3 6 in Business & Finance ➔ Taxes ➔ United States
You are correct, glorymom - health insurance premiums do count as an itemized deduction on Schedule A. The exception is any premiums which are taken out of your paycheck pre-tax; pre-tax premiums are non-deductible.
Also note that there are some restrictions on the TYPE of insurance premiums that can be deducted; check the below link for details. Good luck! :-)
2007-04-16 05:28:11 · answer #1 · answered by Anonymous · 5⤊ 0⤋
Most healthcare premiums from employer sponsored plans are deducted pre-tax and therefore cannot be deducted as medical expenses.
If your premiums are withheld from tax paid dollars or if you pay them directly with tax-paid dollars you can take a medical expense deduction for them.
2007-04-16 05:30:25 · answer #2 · answered by Bostonian In MO 7 · 5⤊ 0⤋
Yes, your premiums can be deducted. copays, prescriptions, over the counter meds that are medically necessary, and transportation to and from the hospital and doctor.
2007-04-16 05:27:49 · answer #3 · answered by Sarge1572 5 · 0⤊ 4⤋
If you pay out of pocket for the premiums, then you can. If they get taken out of your paycheck pre-tax, then you cannot.
2007-04-16 08:08:43 · answer #4 · answered by Maria Rose 5 · 1⤊ 0⤋
Yes, health care insurance premiums are eligible medical expenses on schedule A.
2007-04-16 05:28:02 · answer #5 · answered by Judy 7 · 0⤊ 3⤋
Yes. Don't forget the 18.5 cents per mile for medical transportation as well.
2007-04-16 05:28:55 · answer #6 · answered by Anonymous · 0⤊ 1⤋