Insurance Deductible Premium
June 19th, 2008
Question: can i include my health insurance premium and deductible for tax refunds?
Answer: Like the above answerer states, you are only allowed to deduct medical expenses if you itemize your deductions. You are not allowed to deduct medical expenses if you take the standard deduction.
However, its not limited to 7.5% of your adjusted gross income, rather you may only deduct amounts that are OVER 7.5% of your adjusted gross income. So, for example, if your adjusted gross income is $30,000, 7.5% of that is $2,250.00. You may only deduct amounts that are over that $2,250.00. So, if you have $3000.00 in medical payments, you may only deduct $750.00. If you have $2,000 in medical payments, you may not deduct anything.
Hope that makes sense.
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