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Are My Medical Insurance Premiums Deductible For 2008 Tax Return?

Feb 23, 2009 by natsukingdom | Posted in Other - Taxes

While searching Internet, I skim that "You cannot deduct insurance premiums paid by your employer or by making pre-tax premiums you pay as a result of a income reduction agreement with your employer. If the premiums are included in box 1 of your W-2, they are deductible."

I did not covenant the meaning of the first sentence, so I asked my employer but they told me to ask a tax professional for an fulfil.
So I checked my W-2 to see if the second sentence makes sense or matches my prove.

Box 1 of my W-2 is the sum of Base Hourly wages, Overtime wages and Vacation pay from my last pay break in 2008.
I did not receive the entire sum amount throughout the year because Federal Medicare, Federal Popular Security and Federal Income Tax Withheld were reduced as well as the "Medical Insurance premiums" as deductions. This means that the premiums should be included in box 1 of my W-2. Am I together?

To make it simple, I like to use numbers from each pay check as an example,
Scurvy Hourly wage: $2000
Federal Medicare:$30
Federal Social: $125
Federal Takings: $300
Medical Insurance: $315
---------------------
Net Pay: $1230 (=2000-30-125-300-315)
I am only paid this "net pay" amount biweekly, not the amount shown as "Principle Hourly wages" which are shown in box 1 of the W-2.

Can I add my Medical Insurance Premiums (about $7500) to other itemized inference items ?
<Add Details>
I would like to clearly restate my question: The premiums were automatically deducted from my pay hesitation (I did not actually pay it out of my pocket). Is this amount deductible? I know that the amount my employer paid ($200 per month) was not deductible.

Take your YTD paystub and rival it to the box 3 of your W-2. If the amoutn is off by your ytd-medical that you paid (the $315), then it's been paid PRE-tax and you don't get to deduct it again.

Many, but not all, employers have set up cafeteria plans so the folding money can be pre-tax ast his is a better deal for their employees than paying it post-tax. (The appoint A deduction is worthless to 95-99% of them.)

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You can subtract what you paid, not what your employer paid. See schedule A & B
crazy8eddie | Feb 23, 2009

You can only subtract what you paid out of pocket, not what your employer paid.You must also be able to itemize. Your radical hourly wages is what you make before deductions such as taxes, medicare and SSI.
Pandas4me | Feb 23, 2009

Take your YTD paystub and analogize resemble it to the box 3 of your W-2. If the amoutn is off by your ytd-medical that you paid (the $315), then it's been paid PRE-tax and you don't get to deduct it again.

Many, but not all, employers have set up cafeteria plans so the small change can be pre-tax ast his is a better deal for their employees than paying it post-tax. (The register A deduction is worthless to 95-99% of them.)
v b | Feb 23, 2009

 

Are Medical Insurance Premiums Tax Deductible?

Nov 02, 2008 by yakngirl | Posted in Insurance

My worker sponsored health plan costs me about $7K/year. Will that money suitable as a tax deduction on my federal taxes?

Healthiness Insurance Premiums are usually deducted from your paycheck (section 125) before taxes are figured. In this turn out that in the event of, they would not be deductible. Some employers do not have this kind of plan (most do). In that case, the premiums would be deductible on Schedule A. This finding (and all health expenses) must exceed 7.5% of your adjusted gross receipts and then the SCH A deductions have to exceed the standard deduction. Refer to IRS publications 17 and 502.

If you were self-employed, all premiums would be deductible. If you have a Vigour Savings Account, all contributions are pretax.

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Constitution Insurance Premiums are usually deducted from your paycheck (section 125) before taxes are figured. In this casing, they would not be deductible. Some employers do not have this kind of plan (most do). In that case, the premiums would be deductible on Schedule A. This withdrawal (and all health expenses) must exceed 7.5% of your adjusted gross receipts and then the SCH A deductions have to exceed the standard deduction. Refer to IRS publications 17 and 502.

If you were self-employed, all premiums would be deductible. If you have a Vigorousness Savings Account, all contributions are pretax.
rmg | Nov 03, 2008

Your company should have a section 125 plan so that you're using pre-tax dollars to cover the cost.
Insurance Pickle.com | Nov 03, 2008

 

Is Service Tax Part Of Medical Insurance Premium Deductible Under Income Tax Act,1961?

Mar 28, 2008 by rajesh s | Posted in India


Yes , checking tax is very much part of insurance premium & the same is deductible in gross value of premium u/s 80 D

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Yes , armed forces tax is very much part of insurance premium & the same is deductible in gross value of premium u/s 80 D
curious girl | Mar 30, 2008

DMPO Health Plan Services Are Worth Exploring

15.12.09

Recapitulation

Losing your health insurance and your job is double jeopardy during an already stressful then.  While COBRA is available to most people who were covered under a visitors health plan, it is a temporary solution and an expensive one at that.  For the uninsured, under-insured and even those with ancestral health insurance plans, it may be time to take a look at alternatives to conventional health insurance and to locate health service solutions on your own.

Examination

With daily health care reform headlines, the resulting ruminate over has only added more confusion and questions to this leggy issue.  All sorts of ideas are tossed about, and warmly debated issues are jostled from various versions of the slender plan, while more and more people are losing their health care coverage and are looking for affordable ways to take in health expenses.

COBRA, the traditional "offloading" suffer the consequences of c take to displaced employees is expensive

Source: Gerson Lehrman Group

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