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#6
04-07-2006, 06:37 AM
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 Re: Medical and Dental Expenses - Health Insurance Premiums Yes, any medical insurance you pay with after-tax dollars is a Schedule A deduction (subject to % limitations). ed << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#5
03-24-2006, 05:41 AM
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| Re: Medical and Dental Expenses - Health Insurance Premiums "HW \"Skip\" Weldon" <skip5700removethis[at]hotmail.com> writes: - quote - > "Bob Sandler" <bob_usenet[at]yahoo.com> wrote:
Absolutely! If the premiums were pre-tax, you can't> > > May I itemize the health insurance premiums on Schedule A? > > Yes. You include them with your medical expenses, which are > > subject to the 7.5% of AGI floor. > Does it matter if the premiums were pre-tax? deduct them on your return, since you already deducted them (by virtue of your taxable wages being reduced by the amount of the premium) -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#4
03-24-2006, 05:22 AM
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| Re: Medical and Dental Expenses - Health Insurance Premiums - quote - > > > May I itemize the health insurance premiums on Schedule A?
The OP's description of the situation made it clear that> > Yes. You include them with your medical expenses, which are > > subject to the 7.5% of AGI floor. > Does it matter if the premiums were pre-tax? they are not pre-tax. He asked about private insurance that he buys himself, not an employer plan. My answer, and the answers of the others who replied, are specific to the case presented, and are not a general treatment of the deductibility of medical insurance premiums. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
03-23-2006, 05:38 AM
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| Re: Medical and Dental Expenses - Health Insurance Premiums "Bob Sandler" <bob_usenet[at]yahoo.com> wrote: - quote - > > May I itemize the health insurance premiums on Schedule A?
Does it matter if the premiums were pre-tax?> Yes. You include them with your medical expenses, which are > subject to the 7.5% of AGI floor. -HW "Skip" Weldon Columbia, SC << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
03-20-2006, 07:03 AM
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| Re: Medical and Dental Expenses - Health Insurance Premiums - quote - > I elected therefore to continue my existing private major
Yes. You include them with your medical expenses, which are> medical insurance, which was very costly - $4,500 in > premiums per year. I had had substantial dental expenses, > copays etc.not covered by the catastrophic coverage. > May I itemize the health insurance premiums on Schedule A? subject to the 7.5% of AGI floor. Bob Sandler << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
03-20-2006, 06:44 AM
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| Re: Medical and Dental Expenses - Health Insurance Premiums "John Smith" <john[at]jon.com> wrote: - quote - > Because I was only a part time employee. As a result my
Yes. See IRS Publication 502.> employer provided me with only catastrophic (major medical) > health insurance ($3,000 annual deductible) with meager > hospital benefits (50% in patient). > I elected therefore to continue my existing private major > medical insurance, which was very costly - $4,500 in > premiums per year. I had had substantial dental expenses, > copays etc.not covered by the catastrophic coverage. > May I itemize the health insurance premiums on Schedule A? Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-20-2006, 06:44 AM
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| Re: Medical and Dental Expenses - Health Insurance Premiums john[at]jon.com (John=A0Smith) posted: - quote - > In 2004, I worked part-time for a large
Of course -- although actual deduction will be subject to> employer (50%). > Because I was only a part time employee. As > a result my employer provided me with only > catastrophic (major medical) health insurance > ($3,000 annual deductible) with meager > hospital benefits (50% in patient). > I elected therefore to continue my existing > private major medical insurance, which was > very costly - $4,500 in premiums per year. I > had had substantial dental expenses, copays > etc.not covered by the catastrophic coverage. > May I itemize the health insurance premiums > on Schedule A? the 7.5% of AGI reduction -- and don't forget to include any copays, cost of prescriptions and mileage for travel to doctors, dentists, hospitals, labs, etc. Details can be found in the Schedule A instructions (and note there was an increase in mileage allowance after Aug 31, reflecting higher gasoline costs). Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-19-2006, 06:48 AM
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| Medical and Dental Expenses - Health Insurance Premiums In 2004, I worked part-time for a large employer (50%). Because I was only a part time employee. As a result my employer provided me with only catastrophic (major medical) health insurance ($3,000 annual deductible) with meager hospital benefits (50% in patient). I elected therefore to continue my existing private major medical insurance, which was very costly - $4,500 in premiums per year. I had had substantial dental expenses, copays etc.not covered by the catastrophic coverage. May I itemize the health insurance premiums on Schedule A? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| dental, expenses, health, insurance, medical, premiums |
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