When I was working for a company that paid 80% of health insurance and I paid 20%, the 20% that I paid from pre-tax. Now, that I pay 100% of my health insurance privately, I don't get a tax deduction? Or do I and where on the 1040. I'm not self-employed, I work under a W-4 form. Thank you.
2007-12-13 07:24:36 · 3 answers · asked by Sean 1 in Business & Finance ➔ Taxes ➔ United States
The percent is 7.5, not 7, but other than that, the above answer is correct.
2007-12-13 14:07:41 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
If you are not self-employed, your health insurance costs are deductible as medical expenses, subject to the 7% limit - any money spent that is over 7% of your income is deductible on your Schedule A.
2007-12-13 07:33:41 · answer #2 · answered by ssmesq 5 · 0⤊ 0⤋
That answer above is correct. You can deduct the expense according to the guideline of your state. :)
2007-12-13 07:43:38 · answer #3 · answered by myacumen.com 3 · 0⤊ 2⤋