If I don't get company health benefits and I am paying my own premiums which with other medical expenses exceed 7.5% of my Gross Annual Income, am I correct in assuming I qualify to write them off.
2007-08-29 08:58:01 · 4 answers · asked by DoorWay 3 in Business & Finance ➔ Taxes ➔ United States
The amount over 7.5% of your AGI would be eligible itemized deduction. If your total itemized deductions is higher than the standard deduction for your filing status, then you should itemize.
2007-08-29 09:05:49 · answer #1 · answered by Judy 7 · 2⤊ 1⤋
You don't get to write them off, what you do is record all your deductible medical expenses on line 1 of Schedule A - Itemized Deductions, and 7.5% of AGI on line 2. The excess of line 1 over line 2 is what is deductible medical expenses on Schedule A - Itemized Deductions, but you have to itemize to get the benefit from the medical expenses above the 7.5%.
If you were self-employed you could deduct 100% of the health insurance premiums that you paid on page one of the 1040 return.
2007-08-29 09:50:49 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You can deduct the amount that exceeds 7.5% of you AGI.
2007-08-29 10:42:21 · answer #3 · answered by skipper 7 · 1⤊ 0⤋
They are deductible, yes.
2007-08-29 09:03:13 · answer #4 · answered by Plea_of_insanity 5 · 0⤊ 0⤋