Pre Tax Health Insurance Premiums Deductible
October 27th, 2010
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Question: how can i tell if my health insurance benefits are pre taxed?
Keep in mind, your health insurance premiums can’t be deducted if they’re taken out of your paycheck as pre-tax dollars. However, after-tax health insurance premiums are deductible, but they still are subject to a limitation of 7.5% of your AGI. If you’re self-employed, you may deduct a portion of your health insurance premiums as an adjustment. The self-employed deductible portion is 100% in 2007.
Answer: Ask your employer. They will tell you. Actually they should provide a form for you to sign every year verifying your benefit selections and how you want to have your healthcare premiums treated.
Nearly all healthcare insurance through a job are part of a Section 125 plan and are deducted pre-tax. You generally have the option to pay them with tax paid dollars but I’m at a loss to explain how that could be beneficial to anyone.
Items on Amazon Right Now for Pre Tax Health Insurance Premiums Deductible:
Choose next year’s health benefits wisely
In the coming weeks, millions of Americans will receive 2011 employee benefit open enrollment materials. Yes, it’s a pain to wade through all that information, but simply opting for your current coverage could prove to be a costly mistake. Here’s why:
celtic-health-insurance.mp4
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