insurance premiums tax deductible
Do you have individual health insurance benefit from the tax deduction?
I am an employee, but I am paying my own personal health insurance, rather than opt for group insurance that my employer, who has worked to be more expensive than group insurance. Now when I submit my tax return I claim the health insurance premium as tax deductible.
Healthcare insurance premiums are deductible as part of the medical and dental expenses. Only the sum of all medical and dental expenses that exceeds 7.5% of your adjusted gross income are deductible. A better bet is to see if your employer offers a Section 125 Premium Conversion Plan (better known as "cafeteria plan" which would allow your employer to deduct insurance premiums before taxes and send directly to your insurance company. If your employer is willing to do this, then all the money it spends on health insurance would be tax free (not just income tax, but free of all OASDI, Medicare, and State taxes as well).
Sugar Land, TX – Town Hall Meeting – Tax Deductions
