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Can I write off my health insurance premiums on my taxes. I have an individual plan?

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  • Can I write off my health insurance premiums on my taxes. I have an individual plan?


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Answer #1 | 25/01 2017 16:16
Yes, I write off my health insurance premiums, dental expenses & eye exams & glasses. All of this is above 10%. I'm retired
Positive: 57.142857142857 %
Answer #2 | 07/02 2017 23:24
Only the amount of out of pocket expenses( not covered by insurance) including the cost of premiums that exceeds 10% of your gross taxable income. This may change in the future as there are revised tax policies coming soon.
Positive: 57.142857142857 %
Answer #3 | 24/01 2017 16:58
Yup,....If you have enough stuff to Itemize deductions
Positive: 57.142857142857 %
Answer #4 | 30/01 2017 21:53
Not unless you are self employed.
Positive: 57.142857142857 %
Answer #5 | 25/01 2017 04:05
Possibly. If the total of all your medical and dental expenses (including insurance premiums) exceeds a certain percentage of your income, then you can write off the amount of your medical and dental expenses (including insurance premiums), minus a certain amount of your income. If the medical and dental expenses are less than the percentage of your income, then there is nothing to write off. Even if they are more, it might not be a good idea, because the "standard" deduction might be more.
Positive: 57.142857142857 %
Answer #6 | 24/01 2017 22:54
if it's an individual plan and you are not self-employed = no. Unless, you itemize your taxes and your total medical bills for 2016 are 10% or more of your income (including the insurance premium). One of the things that Trump has talked about for a change to Obamacare is allow health insurance as a tax deduction for everyone.
Positive: 57.142857142857 %
Answer #7 | 24/01 2017 19:17
If its over 7500 a yr i believe. Google it
Positive: 50 %
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Positive: 42.857142857143 %
Answer #9 | 24/01 2017 16:55
Yes. Any out of pocket medical expenses can be deducted.
Positive: 42.857142857143 %
Answer #10 | 24/01 2017 16:56
If you are an employee, medical expenses (including insurance) are an Itemized Deduction and total medical expenses must be reduced by 10% of your income. If you are self-employed, the insurance premiums are an adjustment to income. So.....maybe.
Positive: 42.857142857143 %
Answer #11 | 26/01 2017 05:08
Not directly. If you itemize deductions on Schedule A, you may take a medical deduction, including any premiums you paid, that exceeds 10% (7.5% if age 65 or over) of your federal gross adjusted income (Line 38 on Form 1040). Example. You paid $5,000 in insurance premiums. You paid another $2,000 for services that were not covered by insurance, for a total of $7,000. If Line 38 of your 1040 is $70,000 or more, you get no deduction for medical expenses. If Line 38 is $30,000, you would get a $4,000 deduction for medical -----ON THE SCHEDULE A.. To benefit, your total itemized deduction on Schedule A, including medical, must be greater than what your standard deduction is. Otherwise, there's no benefit to you.
Positive: 42.857142857143 %

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