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9/19/2017 7:27:10 PM
Posted: 2/4/2006 10:16:50 PM EDT
Like the title says. I have health insurance through my employer. They pay X% and I pay the remainder as my health choices come to a dollar amount higher then what the company pays.
Can I deduct my portion of the health insurance payments, or can I only deduct the out of pocket expenses that arise from the doctor visits?
Link Posted: 2/4/2006 10:42:52 PM EDT
do you have a flexible benefits program aka pre tax deductions from your paycheck? If so more than likely your health insurance costs are deducted there, if so then nope you can't double dip on the deductions.

Medical expenses during the year, you should be good to go on those for a deduction.

usual disclaimer,not tax advice, holiday inn, marpat, etc
Link Posted: 2/5/2006 6:46:44 AM EDT
You can deduct the cost of medical/dental insurance premiums as well as other medical related expenses. The kicker is you can only deduct the part of your medical and dental expenses that is more than 7.5% of your adjusted gross income.

www.irs.gov/pub/irs-pdf/p502.pdf

"Medical expenses include the premiums you pay for insurance that covers the expenses of medical care, and the amounts you pay for transportation to get medical care"
Link Posted: 2/5/2006 6:48:47 AM EDT
You can deduct it if its not taken out of your check 'pretax.'
Link Posted: 2/5/2006 6:54:21 AM EDT
[Last Edit: 2/5/2006 6:55:00 AM EDT by warlord]

Originally Posted By rkbar15:
You can deduct the cost of medical/dental insurance premiums as well as other medical related expenses. The kicker is you can only deduct the part of your medical and dental expenses that is more than 7.5% of your adjusted gross income.

www.irs.gov/pub/irs-pdf/p502.pdf

"Medical expenses include the premiums you pay for insurance that covers the expenses of medical care, and the amounts you pay for transportation to get medical care"


The "7.5% of your adjusted gross income" is quite high, the govt has been trying to limit that to increase their revenues. Technically you can, but for practical purpose, no, most ordinary people can meet that requirement, unless you have extraordinary medical expenses.

EditToAdd: I'm not a tax lawyer.
Link Posted: 2/5/2006 6:58:23 AM EDT

Originally Posted By mcantu:
You can deduct it if its not taken out of your check 'pretax.'


This is what I've been told by my CPA
Link Posted: 2/5/2006 7:02:38 AM EDT
The 7.5% is what I understood to be the case as well. Few people meet that.
Link Posted: 2/5/2006 7:07:46 AM EDT
I do tax returns for a living and I've only done one return that where someone could meet the 7.5% limit. Keep in mind that includes premiums, doctor's visits, prescriptions, dental expenses, and medical miles of which I believe you get 14 cents a mile for every "medically related mile" you make.
Link Posted: 2/5/2006 7:09:41 AM EDT
I believe you can escape the 7.5% if you start a Medical Savings Account for NEXT YEAR. Start it this year and then your expenses next year including premiums will be covered by the medical savings account
Link Posted: 2/5/2006 7:12:34 AM EDT
Yeah, HSAs and Flexible Spending Accounts are ways to get around the taxes beforehand. With FSAs you have to estimate pretty closely though because excess will be lost unless you spend it.
Link Posted: 2/5/2006 7:15:37 AM EDT

Originally Posted By Specop_007: Like the title says. I have health insurance through my employer. They pay X% and I pay the remainder as my health choices come to a dollar amount higher then what the company pays.
Deduct it anyway. Screw those evil tax collectors!
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