Individual income tax - insurance deduction question?

Question

Do life insurance premium, medical insurance premium and 401k plan deduction the same as medical expense?

Answer 1

Medical insurance premium can be deducted as a medical expense if you itemize, and if your medical expenses are over 7.5% of your income

Life insurance premiums aren't deductible.

Your 401K plan deduction is already subtracted from your taxable income on your W-2, so no, you don't deduct it again on your return, it's already out.

Answer 2

No. Your medical expenses include insurance and any other medical expenses you had (that weren't paid for by insurance) as long as they total more than 7.5 percent of your adjusted gross income.

Here's some overlooked medical deductions:
• Travel expenses to and from medical treatments. The IRS evaluates the standard cents-per-mile allowance each year. For 2006, you can deduct eligible medical travel at 18 cents per mile; it's 20 cents per mile for 2007.
• Insurance payments from already taxed income. This includes the cost of long-term care insurance, up to certain limits based on your age.
• Uninsured medical treatments such as an extra pair of eyeglasses or set of contact lenses, false teeth, hearing aids, and artificial limbs.
• Costs of alcohol- or drug-abuse treatments can be counted on your Schedule A.
• Laser vision corrective surgery is a tax-allowable procedure.
• Medically necessary costs prescribed by a physician. That means if your doctor told you to add a humidifier to your home's heating and air conditioning system to relieve your chronic breathing problems, the device (and additional electricity costs to operate it) could be at least partially deductible.
• Some medical conference costs. You can count admission and transportation expenses to the conference if it concerns a chronic illness suffered by you, your spouse or a dependent. Meals and lodging costs while at the seminar, however, are not deductible.

Answer 3

Get and examine rates from unique firms at - INSURERATESME.INFO- RE Does character wellness coverage qualify for tax deduction? I am hired, nonetheless i'm paying my possess individual wellness coverage alternatively of deciding upon the institution coverage which my business enterprise has because it labored out to be less expensive than institution coverage. Now whilst i'm submitting my taxes am i able to declare clinical coverage top class as tax deductible.

Answer 4

No. 401K deductions are already deducted from your taxable wages. Medical insurance premiums are deductible only if you are self employed, but as a business expense, not medical expense. Life insurance may be deductible when self employed, but not always.

Answer 5

If you are an employee, ALL of the above are deducted BEFORE taxes from your paycheck. They are not included o your W-2. Because they have were never included in your pay, you can't deduct them again on your tax return.