16
Jan
Could Employee Contribution To Health Insurance Cost Be Included As Medical Expenses For Tax Purposes?
Filed Under (Orthodontics) by admin on 16-01-2010
Tagged Under : Contribution, Cost, Could, Employee, Expenses, Health, Included, Insurance, Medical, Purposes
I have read the IRS Form 502 which indicates 7.5% of income is required to get any credit & we pay quite a bit for my families insurance through work. This coupled with our deductibles and my son’s orthodontics may put us there.
possess as much information as you could maybe is one of the options,however it is quite time consuming,here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm is the resource i have ever had good experience.
Dear i: You are correct with the 7.5% number although check your state regs as some states allow 100% for medical. Also the medical insurance can be used if it is paid for with after tax dollars not a “pre-tax” deduction. Medical, medical insurance, dental, Rx’s, chiropractor visits, glasses, copays etc. and all those miles driving to get all these treatments.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provide. Click on my profile to read more.
Errol Quinn Enrolled Agent Master Tax Advisor
Yes you can include the health insurance premiums you pay if it’s not taken out pretax. If pretax, no you can’t.
You co know that you can only deduct the amount that’s OVER te 7.5%, and then only if you itemize?
Yes…premiums paid are included in the deductible. Just remember it is only the portion over the 7.5% that is deductible, not the whole thing.