Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: moehoward

That is nothing new. Unless your healthcare premiums are deducted from your gross pay (in which they aren’t taxed anyway), you can already deduct the cost of your health insurance premiums. See the last bulleted item here: https://www.irs.gov/taxtopics/tc502.html

As it stands now, you can only deduct the medical expenses that are in excess of 7.5% of AGI. So if your AGI is $100k and you had medical expenses of $7501, you would only be able to apply $1 towards your deductions. And then all of your other deductions would have to add up to an amount greater than the standard deduction before you would see a reduction in taxes owed.

A great deal of out of pocket medical costs have to be borne before it affects the taxes we owe. What is really needed is to lower that 7.5% threshold.


103 posted on 03/02/2016 9:47:11 PM PST by RedWhiteBlue (Mama tried)
[ Post Reply | Private Reply | To 9 | View Replies ]


To: RedWhiteBlue
Unless your healthcare premiums are deducted from your gross pay (in which they aren’t taxed anyway), you can already deduct the cost of your health insurance premiums.

Unfortunately, that's not the case.

If you re-read that last bullet the deduction only applies to long term care insurance premiums.

Regular medical insurance premiums aren't deductible for individuals.

112 posted on 03/03/2016 6:15:48 AM PST by semimojo
[ Post Reply | Private Reply | To 103 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson