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| *Ostroff, Fair and Company>>>United States Taxes |
I pay weekly premium for insurance may I deduct it from my taxes.? |
I pay weekly premium for insurance may I deduct it from my taxes.? Medical and Long Term Care insurance are deductible if you itemize on schedule A. It will be subject to a 7.5% limitation as are all medical expenses. Other types of insurance are not deductible unless related to a business activity. No, but you can deduct the co-pays you paid for medical visits and the money paid for prescriptions. (It has to be a certain percentage of your income.) The IRS called a co-worker who deducted the premiums last year. They want more money. If these premiums are deducted by your employer from pre-tax dollars then you cannot deduct them on your tax return. You've already received a tax break on them. If the are paid from taxed dollars (very rare as nearly all health insurance premiums are deducted pre-tax) then you could list them as medical expenses on Schedule A. Medical expenses are subject to a 7.5% AGI limitation though. If you pay the premuims directly to a health insurance company, they are deductible as noted in the paragraph above. it depends on your employment status and the type of insurance. are you an employee or a self-employed person? are you asking about health insurance, car insurance, life insurance, etc. i don't have the space to explain the tax situation for all these possible scenarios, so i suggest you give more information and ask the question again. If it's health insurance, it qualifies as a medical expense. Only medical expenses that are over 7.5% of your income can be deducted though. |
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