User Panel
User Panel
User Panel
|
Posted: 2/4/2006 10:42:52 PM EDT
[#1]
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 |
|
|
|
Posted: 2/5/2006 6:46:44 AM EDT
[#2]
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" |
|
|
|
Posted: 2/5/2006 6:48:47 AM EDT
[#3]
You can deduct it if its not taken out of your check 'pretax.'
|
|
|
|
Posted: 2/5/2006 6:54:21 AM EDT
[#4]
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. |
|
|
|
|
Posted: 2/5/2006 6:58:23 AM EDT
[#5]
This is what I've been told by my CPA |
|
|
|
|
Posted: 2/5/2006 7:02:38 AM EDT
[#6]
The 7.5% is what I understood to be the case as well. Few people meet that.
|
|
|
|
Posted: 2/5/2006 7:07:46 AM EDT
[#7]
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.
|
|
|
|
Posted: 2/5/2006 7:09:41 AM EDT
[#8]
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
|
|
|
|
Posted: 2/5/2006 7:12:34 AM EDT
[#9]
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.
|
|
|
|
Posted: 2/5/2006 7:15:37 AM EDT
[#10]
 Screw those evil tax collectors!
|
|
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
