Yes, to the extent that they exceed 7.5% of your AGI and you itemize deductions.
However, if any were paid with pre-tax dollars via a Section 125 plan at work then they're already tax-preferenced and cannot be deducted again.
2007-08-30 23:19:01
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answer #1
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answered by Bostonian In MO 7
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Your out of pocket (after-tax) medical expenses (including health insurance and long-term care insurance) that you paid can sometimes be deducted. Here are a few cases.
If you itemize (use Schedule A), your medical expenses are deductible to the extent they exceed 7.5% of your gross income.
If you pay into a Health Savings Account with after-tax dollars (not through your employer with pre-tax dollars), those contributions may be deducted from your gross income as an adjustment.
If you are self-employed, 100% of your health insurance for you and your dependents may be deducted from gross income. This is done on Schedule C.
2007-08-31 09:50:54
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answer #2
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answered by ninasgramma 7
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Sometimes. You have to subtract 7.5% of your adjusted gross income from your total medical expenses (including med insurance) - any amount over that can be taken as an itemized deduction. If you don't have enough total deductions to itemize, then no, you just take the standard deduction instead.
2007-08-31 11:59:24
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answer #3
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answered by Judy 7
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These can be deducted on Schedule A of your income tax.
Medical, dental, eye doctor, health insurance, mileage to the doctor...
There are several things you can't deduct such as over the counter medicines, life insurance....
http://www.bankrate.com/brm/itax/tips/20010323a.asp
2007-08-31 09:22:24
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answer #4
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answered by Jackie S 2
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