Can I write healthcare premiums off my taxes?

Question

Like the amount they take off my paycheck every 2 wks? or just what I pay out of pocket at dr and hosp??

Answer 1

Most employer-sponsored healthcare plans are Section 125 plans with the premiums deducted pre-tax. In that case you may not deduct the premiums deducted from your pay.

If your premiums are deducted post-tax then they are deductible as medical expenses if you itemize your deductions. Medical deductions are subject to a 7.5% AGI limitation so many taxpayers who itemize won't be able to deduct them unless their overall medical expenses are rather high. If you don't itemize, you get no deduction at all.

Answer 2

But all other expenses that are not pre-tax, such as prescription costs, co-pays, deductables, and all other out-of-pocket medical expenses are deductible if all three apply: You itemize your deductions; your medical costs exceed a certain percentage of your income (check with the IRS for this), and you did not pay those expenses with a pre-paid medical savings account that deposited medical savings pre-tax.

Answer 3

Healthcare insurance premiums are deductible if you itemize and if the amount of all medical related deductions exceed a certain percent of you AGI (adjusted gross income).

Answer 4

Premiums usually aren't tax deductible, only direct cost of specific medical bills.

Answer 5

As usual, bostonianinmo is correct.

Answer 6

You can't deduct EITHER of those. You can deduct medical expenses above a certain percentage of your Adjusted Gross Income. I believe the threshold is 6%.

Answer 7

If you itemize, you can write off meds and copays I think.... not the amount from your weekly checks.