Health Savings account can you take deductions for insurance premiums & other med expenses over deductable?

Answer 1

I am assuming you are not self-employed. If you are self-employed, everything that follows is true, except your health insurance premiums are 100% deductible as an adjustment to income.

As your question is stated, you are asking if, after you have paid your deductible for health expenses, if additional expenses are deductible.

After you have paid out your deductible in health expenses, additional expenses are paid by your health insurance. Therefore, those expenses cannot be deducted by you.

If you contribute after-tax dollars to a health savings account, those amounts are deductible as an adjustment to income and are not included on Schedule A as medical expenses.

Any other medical expenses not reimbursed by your health insurance, your flexible savings account, or your health savings account, are deductible as medical expenses on Schedule A.

By the way, even if you have saved your deductible amounts in your Health Savings account, and taken the deduction, you don't have to withdraw that money to pay your insurance deductible. You can keep it in the HSA, pay your deductible out of pocket, and deduct it as a medical expense.

Answer 2

any medical expenses that you have not gotten reimbused for from your health savings account are deductible, as long as they are not pre-tax. But, you still need to exceed 7.5% of your AGI for any of the non-reimbursed medical expenses to be deductible. And your itemized deductions in total have to exceed your standard deduction to do you any good.

Answer 3

Medical expenses paid from your HSA are NOT deductible on your tax return. The funds went into the HSA pre-tax and you already got tax benefit from those funds going in.

If you paid medical expenses out-of-pocket (not using HSA funds) then those would be deductible to the extent that they exceed 7.5% of your AGI. I can't imagine why anyone with an HSA would want to do that, but you could.

Answer 4

hi check this link its good




http://insuranceadviceforyou.blogspot.com/




.