The IRS Deductions Blog

Posts Tagged ‘premium’

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.

Items on Amazon Right Now for Insurance Deductible Premium:

Prepare yourself: Insurance bills on the rise

Jeremy Alford Capitol Correspondent BATON ROUGE — If you think insurance coverage is already complex enough, you probably don’t want to hear about the changes that will impact automobile coverage, hurricane deductibles, home-service contracts and fire policies. The changes went into effect Friday.

Let’s Talk About Homeowners Insurance

Question: Is life insurance premium deductible?

I got a life insurance on my own. I would like to know if the premium I’m paying is deductible? If you don’t know if there a way to find out if it is.

Answer: Life insurance in not deductible.
Car insurance in not deductible.
Health insurance is deductible.

Items on Amazon Right Now for Deductible Premium:

Teachers, district reach agreement

After rejecting a contract for the first time in 40 years and working without a contract for months, Bellevue Public Schools and teachers agreed to a 4 percent compensation increase for the 2009-10 school year.

3 Ways to Lower your Monthly Health Insurance Premium

Question: Can medical / dental insurance costs including premiums paid PRE-TAX be tax deductible?

Can dental / health insurance premiums paid pre-tax and deducted from my paycheck be considered in itemized deduction?

Answer: yes they can, any medical expense including ones from your pretaxed income, can be added on the scedule a. the only exception would be if your employer paid for the insurance. if you pay for it, you can include it. i am a tax preparer and i am sure of this. now the only limit would be getting you over the thresehold of %2 of your agi.

Items on Amazon Right Now for Insurance Premium Deductible:

10 stories to watch in 2010

A new year means a new opportunity for our reporters and photographers to inform our readers of the issues affecting Maine. Here are some of the stories we’ll be following.

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