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#1
03-25-2005, 03:50 AM
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 Re: health insurance premiums "nov8eight[at]yahoo.com" <nov8eight[at]yahoo.com> wrote: - quote - > Can a retired person deduct health insurance premiums? I
Yes, along with other medical expenses on Schedule A. It> don't itemize, and they total about $3500 for 2004. I > suspect (??) that they can be deducted, but only worth it if > more than the standard deduction?? But what about the > state side of it, where there's no standard deduction. I > just did a draft of my return, and did not even consider > these insurance payments so maybe i should go back and > revise it? only provides a tax benefit if all medical expenses (including that $799 Medicare premium) exceeds 7.5% of our adjusted gross income. Te allowable medical expense, when added to other itemized deductions needs to exceed your standard deduction (difficult to do unless you still pay mortgage interest on your home). -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-25-2005, 03:31 AM
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| Re: health insurance premiums "nov8eight[at]yahoo.com" <nov8eight[at]yahoo.com> wrote: - quote - > Can a retired person deduct health insurance premiums? I
Either itemized or take the standard deduction.> don't itemize, and they total about $3500 for 2004. I > suspect (??) that they can be deducted, but only worth it if > more than the standard deduction?? - quote - > But what about the
Without knowing what state you are referring to, it is> state side of it, where there's no standard deduction. I > just did a draft of my return, and did not even consider > these insurance payments so maybe i should go back and > revise it? impossible to answer this question. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-24-2005, 01:54 AM
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| health insurance premiums Can a retired person deduct health insurance premiums? I don't itemize, and they total about $3500 for 2004. I suspect (??) that they can be deducted, but only worth it if more than the standard deduction?? But what about the state side of it, where there's no standard deduction. I just did a draft of my return, and did not even consider these insurance payments so maybe i should go back and revise it? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| health, insurance, premiums |
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