In some situations you are allowed to deduct health insurance premiums on your tax return.
The most common method is for those with self employed income and it they file a Schedule C. There is a place on the form to enter your health insurance premiums and deduct them from your self employed income.
Let me start by saying I am not a tax professional, never been confused for one and have never played on on TV.....However, you are able to deduct a certain protion of your annual medical expences on your tax return which can included certain types of insurance premiums.
If you have a group plan through you or your spouses employer, no dice. Can't deduct the pre-tax portion you pay. If you have an individual/family plan that you personally pay the premiums on, then you could possibly be able to deduct those expences. There is a medical expence level (not sure what it is and I think it changes ach year) where if you exceed that amount, you are eligible to deduct the difference. Most families don't exceed it, but if you are one of the lucky few that spend several several thousand dollars out of pocket each year it is a worthwhile conversation to have with you accountant.
So, call your accountant or another tax pro and get there opinion on it. If you have a lot of out of pocket medical expence it could be worth your time and effort to investigate further.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
If you are paying the premiums for your health insurance with after tax dollars it is likely that you may deduct at least a portion of your premiums from your income tax, because health care expenses are tax deductible and health insurance is a health care expense. If you use a tax preparer or CPA consult with them. If you use a computer program to prepare your tax returns it should verify the deduction and how much.
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The most common method is for those with self employed income and it they file a Schedule C. There is a place on the form to enter your health insurance premiums and deduct them from your self employed income.
If you have a group plan through you or your spouses employer, no dice. Can't deduct the pre-tax portion you pay. If you have an individual/family plan that you personally pay the premiums on, then you could possibly be able to deduct those expences. There is a medical expence level (not sure what it is and I think it changes ach year) where if you exceed that amount, you are eligible to deduct the difference. Most families don't exceed it, but if you are one of the lucky few that spend several several thousand dollars out of pocket each year it is a worthwhile conversation to have with you accountant.
So, call your accountant or another tax pro and get there opinion on it. If you have a lot of out of pocket medical expence it could be worth your time and effort to investigate further.