Are health insurance premiums deductible? I want to deduct health insurance premiums from my tax return but I did not want to itemize.
Health insurance premiums are deductible if you itemize your tax return. Itemizing your medical expenses allows you to deduct health insurance premiums and the premiums you paid for the following types of insurance:
- Qualified long-term care insurance
- Most Medicare
If you paid the premiums for a policy you obtained yourself, you can deduct your out-of-pocket costs.
If your insurance is through your employer, you can only deduct these:
- Amounts you paid with after-tax funds
- Medical expenses that are more than a certain percentage of your adjusted gross income (AGI). Depending on your age and the tax year, this percentage is either:
- 10% of your AGI
- 7.5% of your AGI
If you have pre-tax amounts withheld from your paycheck for your insurance, the amount on your W-2, Box 1 won’t include the cost of your health insurance. So, your income will already be adjusted for the cost of health insurance.
Here are the top tax questions our professionals got this year – with answers for you! How can you use this? Read on to get answers from H&R Block.
Learn how to deduct student loan interest with H&R Block. Get information about qualified education expenses and see if a student loan tax deduction applies to you.
Changing jobs can come with tax implications like job search and moving expense deductions. Learn more about these potential benefits at H&R Block.
Virtual tax preparations let you complete your taxes online from the comfort of your home. Find out how easy remote tax preparations can be at H&R Block.