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Health Insurance Tax Deductions?

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Health Insurance Tax Deductions?

Postby Derrian » Mon Oct 09, 2017 7:37 pm

Honey, it's not free, it's WELFARE health insurance, because you're poor.
It's paid for, by all those people who are too stupid to stay at home and not work and be supported by welfare.
They have to pay taxes.

You can't write off any of your premiums, unless you itemize, and usually only if you're self employed.
Derrian
 
Posts: 44
Joined: Sun Apr 06, 2014 2:10 am

Health Insurance Tax Deductions?

Postby Marland » Wed Oct 11, 2017 10:54 am

Probably not - health care costs, including health premiums, are deductible only if: 1) you itemize deductions, and 2) only to the extent that they exceed 7.5% of your adjusted gross income.

Example, - you make $20,000 and your premiums are $100 per month and you have say $500 in other health care costs (prescriptions, etc.).
So, your total out of pocket health care expenses are ($100 * 12) + $500 = $1,700.
7.5% of your income is $1,500 - so, you could deduct if your itemize $200.
However, this is only wise if you have additional deductions (such as mortgage interest and property taxes) since to itemize, you have to give up the standard deduction of $5,600 - you certainly don't want to give up a $5,600 deduction for a $200 deduction.
Marland
 
Posts: 57
Joined: Mon Mar 03, 2014 1:00 am


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