Can this be a deduction, health insurance premium?
Doing my son's taxes for him, he has 80.00 a month coming out of his check for Health insurance the rest is paid by his work. Can he use that as deduction?
Yes he does itemize his return
Doing my son's taxes for him, he has 80.00 a month coming out of his check for Health insurance the rest is paid by his work. Can he use that as deduction?
Yes he does itemize his return
Bostonian In MO
Favorite Answer
Probably not. Most health insurance premiums are deducted pre-tax under a Section 125 benefits plan. As such, the amounts he paid have already been deducted from box 1 of his W-2. No further deduction is allowed since he's already gotten one -- and a better deal at that since it's not subject to the normal 7.5% limitation of medical expenses and does not require the taxpayer to itemize deductions.
Even if his health insurance premiums are not deducted pre-tax (highly unusual) if it was his only medical deduction it would not be usable if his income was over $12,800 because of the 7.5% rule. At that income level, itemizing would be useless as virtually nobody with that modest income would legitimately have over $5,700 in itemized deductions. You need at least that much to exceed the standard deduction and get any benefit from itemizing.
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RE :Can this be a deduction, health insurance premium?
Doing my son's taxes for him, he has 80.00 a month coming out of his check for Health insurance the rest is paid by his work. Can he use that as deduction?
Update: Yes he does itemize his return
Follow 3 answers
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sure. on the grounds which you took a deduction in a prior tax year, any reimbursement in a next year is taken care of as taxable income and is asserted as such, as much as the quantity of the deduction which you claimed. there's a fashion which you would be able to guard this however. do not declare the scientific fee deduction on your return. you have 3 years to report an amended return and declare them, so permit the state take that is candy time. in case you don't get reimbursed then report an amended 2007 return and declare the coverage funds then. you're able to desire to turn it any wrong way around and report an amended return in the event that they DO reimburse you yet you would be finding at effects and interest for overdue fee that way so i don't propose that.
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RE :Can this be a deduction, health insurance premium?
Doing my son's taxes for him, he has 80.00 a month coming out of his check for Health insurance the rest is paid by his work. Can he use that as deduction?
Update: Yes he does itemize his return
Follow 5 answers
Slickterp
IF he itemizes, he can deduct the portion of overall medical costs paid that is ABOVE 7.5% of his AGI. $80 a month probably isn't going to reach that plateau.