taxes and insurance question can a portion of health life dental and disabillity insurance be deducted on tax?
just need to know if theres a tax benefit that allows you to deduct any of the money we spend for health insurance
If you're paying for your insurance through a plan at work you need to check if the premiums are being paid with "pre-tax" dollars. If they are being paid with pre-tax dollars you will NOT be able to deduct them on a Schedule A. It's because you've already seen the tax benefit of paying for them with pre-tax dollars. Paying with pre-tax dollars is very common. And really, it's the better deal, so be happy.
This, along with the 7.5% AGI requirement on the Schedule A, prevents many people from being able to deduct insurance premiums on their tax return.
yes check sch a for limits
References :
You would have to be able to itemize your deductions to be able to deduct taxes and qualified medical expenses. I am attaching a link to the Sch. A instructions that will let you know all the expenses you are allowed to deduct.
Also you have to have enough itemized deductions to exceed the standard deduction for your filing status to actually claim these expenses.
Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
References :
http://www.irs.gov/pub/irs-pdf/i1040sa.pdf
If you're paying for your insurance through a plan at work you need to check if the premiums are being paid with "pre-tax" dollars. If they are being paid with pre-tax dollars you will NOT be able to deduct them on a Schedule A. It's because you've already seen the tax benefit of paying for them with pre-tax dollars. Paying with pre-tax dollars is very common. And really, it's the better deal, so be happy.
This, along with the 7.5% AGI requirement on the Schedule A, prevents many people from being able to deduct insurance premiums on their tax return.
References :