are health insurance premiums a tax deduction?
35471
You can deduct your health insurance premiums—and other healthcare costs—if your expenses exceed 10% of your adjusted gross income (AGI). Self-employed individuals who meet certain criteria may be able to deduct their health insurance premiums, even if their expenses do not exceed the 10% threshold.
1101354
Group health insurance premiums you pay are tax deductible as a business expense.
640259
While premiums paid for private health services plans are tax deductible, premiums paid for a provincial health insurance are not. ... The CRA will deny your claim if you try to make it for the Ontario Health Premium, as it is public, not private, health insurance.
1005333
The mortgage insurance premium deduction allows you to deduct amounts you paid during the tax year or that applied to the tax year if you prepaid. ... And the deduction phased out entirely for taxpayers with an AGI above $109,000 (or $54,500 for married couples filing separately).
471539
Health Insurance as a Business Expense A self-employed individual can deduct premiums for medical, dental and long-term care insurance for himself or herself, a spouse and any dependents provided he or she is not eligible to get insurance through any employer or a spouse's employer.
942099
Common pre tax deductions include: Health insurance plan premiums. 401(k) contributions. Commuter benefits, such as rail or bus tickets. Life insurance.
1149879
Medical or hmo premiums paid, is that from my insurance through work? ... It depends whether your health insurance premiums were paid using Pre-tax dollars or After-tax dollars. Most premiums are paid with pre-tax dollars, which means they are deducted from your wages before taxes are applied.
192938
If you are a shareholder in an LLC taxed as an S corporation, you can deduct health insurance premiums as long as you own at least 2 percent of the company's shares and receive a salary from the company. ... Alternatively, the company can pay the premium and include the amount as income in your W-2.
63116
Because the self-employed health insurance deduction is a personal deduction, you take this deduction directly on your Form 1040 (it does not go on your Schedule C if you're a sole proprietor). ... You would have to do this, for example, if your health insurance premiums exceed your business income.
1337200
Unreimbursed Medical Care Expenses You may deduct medical expenses in excess of 7.5% of your federal AGI, certain dental, vision, and health insurance premiums, long term care insurance premiums, and accidental/health insurance premiums paid for dependents.
605559
Health insurance premiums are often eligible for the tax deduction. You can only deduct the premiums that you pay. Not what your employer spends for your coverage. You also can't deduct health insurance premiums if your employer or the government pays all of your premiums.
1052727
Unfortunately no. Taxpayers cannot deduct the cost of supplemental insurance policies, such as those provided by AFLAC, on their tax returns. According to the IRS, the cost of an insurance policy that pays a specified amount to insured parties who are sick or hurt is not a deductible medical expense.
537990
Like most of America's taxpayers, federal employees who are not public safety officers may include health insurance premiums as an itemized deduction on their federal tax forms. ... For retirees, the deduction kicks in after a taxpayer has spent 7.5 percent of his adjusted gross income on medical expenses.
117105
Employer-paid premiums for health insurance are exempt from federal income and payroll taxes. Additionally, the portion of premiums employees pay is typically excluded from taxable income.
1417440
Health care premiums you pay to private health services plans are tax deductible medical expenses. ... While premiums paid for private health services plans are tax deductible, premiums paid for a provincial health insurance are not.
170163
You can claim health care premiums paid to plans that offer a wide variety of benefits, including dental, medical and hospital visits. ... While premiums paid for private health services plans are tax deductible, premiums paid for a provincial health insurance are not.
1031574
Your health care premiums are tax-deductible if you're self-employed, so you can reduce your taxable income by your health insurance premium's cost. This is reported on Schedule Y of your Massachusetts income tax return. The Massachusetts Health Connector offers health plans on a pre-tax basis.